0
You are a senior citizen do you need to pay capital gains taxes on a residence you bought in 2005?
Wiki User
∙ 13y ago
A business residence sold yes all of the gain would be subject to income taxes.
This could be very possible. Personal residence (main home) some of the long term capital gain could be taxable if the rules or met for this purpose.
Your Main home (primary residence) The rule for the sale of your main home (primary residence) has an exclusion amount of the long term capital gain if you meet the 2 out of 5 year rule of living in your main home (primary residence.
Go to the IRS gov web site and use the search box for Topic 701 - Sale of Your Home
In general, you are eligible for the exclusion if you have owned and used your home as your main home for a period aggregating at least two years out of the five years prior to its sale. Refer to Publication 523 for the complete eligibility requirements as well as exceptions to the two year rule.
Report the sale of your main home only if you have a gain that is not excluded from your income. In most cases, if you have a gain that is not excluded, you must report it on Form 1040, Schedule D (PDF), Capital Gains and Losses.
IRS gov web site use the search box for Publication 523 Selling Your Home
Main Home
This section explains the term "main home." Usually, the home you live in most of the time is your main home.
Click on the below Related Link
Wiki User
∙ 13y ago
Add your answer:
Earn +20 pts
How many senior citizen residence are in New York City or How many residnce for disable people are in New York City?
How many senior citizen residence are in New York City?
Can you get senior citizen discount and not be a senior citizen in a restaurant?
Depends on what restaurant you are talking about.
Why is the age 53 for senior citizen in CT?
you become a senior citizen when you are 53 in CT
How old do you have to be to qualify for residence in senior citizen apartments?
The standard age is 55-65 Years of age. Each residential facility is different. You can call and check with ones in your local area. The age that one must be in order to qualify for residence in senior citizen apartments varies. Some allow fifty-five year olds, while others allow other those aged sixty-five and older.
Form affidavit of loss of senior citizen id?
Senior Citizen Affidavit of Loss Form
Where is a senior citizen camp ground?
I am traveling as a senior citizen and would like a goop place to go. I really love camping so where can I find a senior citizen campground?
Where can I find senior citizen rentals in Toronto?
The Annswell Court Senior Citizen apartments is a complex for senior citizen. More information can be found here. http://www.toronto.ca/affordablehousing/rrap_outline.htm
How do I apply for a Gov. grant for a disabled senior citizen ?
How do I apply for a Gov. grant for a disabled senior citizen ?
What age do you become a senior citizen in Canada?
The age of a senior citizen is generally the same throughout the world. In Canada, a person is considered a senior citizen at the age of 60.
Is tsunade a senior citizen?
no
Is jiryia a senior citizen?
no
Is orouchimaru a senior citizen?
no
