correct option. Im owns the
age the sales
Answers
Answered by
2
Answer:
The over-55 home sale exemption was a tax law that provided homeowners over the age of 55 with a one-time capital gains exclusion. Individuals who met the requirements could exclude up to $125,000 of capital gains on the sale of their personal residences.
This exclusion was intended to stimulate the real estate market and reward homeowners for the purchase and subsequent sale of their homes. The over-55 home sale exemption has not been in effect since 1997. It was replaced by other exclusions for everyone, regardless of age, who profit from selling their principal residences.
Similar questions