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My husband is selling his primary residence. Since he is 66,

Customer Question
Hi, My husband is...

Hi, My husband is selling his primary residence. Since he is 66, we have heard there will be no capital gains? True?

Accountant's Assistant: What state are you in? It matters because laws vary by location.

Washington State

Accountant's Assistant: Has anything been filed or reported?

NO

Submitted: 8 months ago.Category: Tax
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Answered in 2 minutes by:
11/18/2017
Tax Professional: Lev, Tax Advisor replied 8 months ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 33,111
Experience: Taxes, Immigration, Labor Relations
Verified

Capital gain realized on the sale of of primary residence may be excluded from taxable income in the property was owned and used as a primary residence at least two years out of last five before the sale.

That is NOT based on the age.

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Tax Professional: Lev, Tax Advisor replied 7 months ago

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If you still have any doubts, need clarification - please be sure to ask.

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