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Wayne Brasch
Wayne Brasch, Accountant and Business Consultant
Category: Tax
Satisfied Customers: 1298
Experience:  Master of Science in Taxation. Tax experience since 1963.
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What is the one time capital gains tax exemption

Resolved Question:

What is the limit on the one-time capital gains tax exemption?
Submitted: 11 years ago.
Category: Tax
Expert:  Wayne Brasch replied 11 years ago.
What you may be thinking of is old tax law relative to the sale of a personal residence for someone who is over 55 years of age. That is, as I said, old tax law. It no longer exists. Congress has changed that.

Now if someone who is single sells their personal residence, they may make up to $250,000 profit the sale of the house without paying any Federal taxes on the sale. If married, that amount is $500,000. This same thing can be done every 2 years now. In order to qualify for this tax exclusion you have to have lived in that home any 2 of the last 5 years.

All of this is saying to you that there is no one-time capital gain exemption (exclusion) as it once was.

I hope this helped. If not, let me know and I'll try to give you more information. If it did help, please click on accept. In any case, thank you for the question on Just Answer.
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