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Bill
Bill, Enrolled Agent
Category: Tax
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Experience:  EA, CEBS - 35 years experience providing financial advice
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i lived in my house the only property that i own in the last

Resolved Question:

i lived in my house the only property that i own in the last 15 years , am i exempt from capital gains tax when i sell. i am 62 years old
Submitted: 5 years ago.
Category: Tax
Expert:  Bill replied 5 years ago.

Bill :

If the amount of gain (the difference between the sales proceeds and your cost basis in the house) when you sell the house is less than $250,000, then the gain will be tax-free. If it exceeds $250,000 then the amount in excess of $250,000 will be taxed as a capital gain. This IRS link provides more details - http://www.irs.gov/businesses/small/industries/article/0,,id=98921,00.html

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