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at what age are you exempt from capital gains Bnb XRP aave Bonk coinbase futures litecoin futures cardano futures

How much capital gains can you exclude when selling a house?

The Taxpayer Relief Act of 1997 increased the range of capital gains exemptions available to homeowners so that it was no longer about age. Now, all homeowners, regardless of age, can exclude up to $500,000 of capital gains when selling their houses.

Is there a capital gains tax exemption for seniors?

However, since this tax break was dropped in 1997, there is no capital gains tax exemption specifically for seniors. This means right now, the law doesn’t allow for any exemptions based on your age. The Taxpayer Relief Act of 1997 increased the range of capital gains exemptions available to homeowners so that it was no longer about age.

What is a capital gains tax exemption?

This let homeowners exempt up to $125,000 worth of profit from the sale of their primary residence from their capital gains taxes. The purpose was to help households either in or prepare for retirement. In 1997, Congress amended the tax code to create the standard exclusion that applies today.

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