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  1. #1
    reeskelly is offline Junior Member
    Join Date
    Apr 2005

    One time over 55 real estate tax exemption

    What is the name of your state?Florida

    I've been told that people over 55 will receive a "One Time Exemption" from paying real estate taxes when selling their primary residence. Wonder if this is true?

  2. #2
    Snipes5 is offline Senior Member
    Join Date
    Aug 2003
    That is old tax law, and is no longer true.

    The current law is that if you live in and own a primary residence for 2 out of the last 5 years, you can exclude up to $250,000 of gain on the sale if you are single, and up to $500,000 of gain on the sale if you are married filing a joint return.


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