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Bill-the-CPA, Certified Public Accountant (CPA)
Category: Capital Gains and Losses
Satisfied Customers: 296
Experience:  Seasoned professional with over 15 years in public accounting. Income, sales and property tax. Also accounting/tax software.
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Capital Gains tax, if senior citizens sell their house and

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Capital Gains tax, if senior citizens sell their house and move into an apartment, do they have to pay capital gains on the house due to their age 62 & 66?

or would this be better, get a home equity loan, put that money in savings account, and then when the house sells only pay tax on what left of value on house?

state of texas residency

thank you
Hello and thank you for allowing us at Just Answer to assist you. Your age no longer matters in regards XXXXX XXXXX gains for personal residences. That law was changed in 1997.

If you are married filing jointly, you can exclude $500,000 in capital gains from the sale of your personal residence as long as you've lived in it continuously two out of the past five years and haven't excluded the gain from the sale of your previous residence within the past five years.

If you ever rented the home (or part of it) or used part as a home office, there would be depreciation recapture that may create some capital gains tax. Thanks, Bill.
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