Legal Question in Tax Law in California
Capital Gains tax exemption for selling the primary home for persons over 65 yea
What is the federal income tax exemption for selling the primary home for persons over 65 years of age? And, what are the requirements?
Asked on 12/18/03, 10:43 am
1 Answer from Attorneys
Ken Koenen
Koenen & Tokunaga, P.C.
Re: Capital Gains tax exemption for selling the primary home for persons over 65
It no longer matters if you are over 65 or not. You are entitled to an exemption from capital gains of $500,000 as long as you have lived and owned the property for 2 of the past 5 years.
Answered on 12/18/03, 3:51 pm
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