This article doesn't say one word about the one-time exclusion for taxpayers over age 55. WTF?
and? what's your point?
| by Anonymous | reply 1 | September 30, 2025 1:54 AM |
That’s because the exclusion was repealed in 1997.
| by Anonymous | reply 2 | September 30, 2025 1:55 AM |
r2, taxpayers of ANY age can exclude the capital gains from tax. But they can only do that one time.
| by Anonymous | reply 3 | September 30, 2025 2:25 AM |
Everyone gets to exclude the first $250K of gain ($500K if filing jointly) on the sale of a personal residence. There's no special treatment for seniors.
| by Anonymous | reply 4 | September 30, 2025 2:31 AM |
Not true, r3. An individual can exclude $250k, a couple $500k. They can do it multiple times, but there are rules. Why are you spreading this disinformation?
| by Anonymous | reply 5 | September 30, 2025 2:32 AM |
I didn't read the article but the rule on a primary residence is this: if it was your price for 2 out of the last 5 years the exclusion is the first $250k of profit for a single and $500k for a married couple. So you can take that on a primary and secondary home. If you own real estate for over 1 year the capital gains is 15% on the profit and you write off all improvements. Your state will have their own percentage on top of that or they won't. Never heard of anything extra for being older
| by Anonymous | reply 6 | September 30, 2025 2:34 AM |
Naturally, Datalounge is the place to go to for 1980s era tax planning.
| by Anonymous | reply 7 | September 30, 2025 2:45 AM |