+ Reply to Thread
Results 1 to 2 of 2
  1. #1
    Join Date
    Apr 2005
    Posts
    2

    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
    Join Date
    Aug 2003
    Posts
    1,850
    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.

    Snipes


+ Reply to Thread

Similar Threads

  1. One Time Over 55 Real Estate Tax Exemption
    By reeskelly in forum Buying & Selling a Home
    Replies: 1
    Last Post: 04-16-2005, 10:55 PM
  2. real estate taxes and homestead exemption
    By baker10 in forum Tax Law
    Replies: 1
    Last Post: 01-04-2005, 08:11 PM
  3. Real Estate/BK/deed in lieu of foreclosure/homestead exemption
    By doggielover in forum Other Real Estate Law Questions
    Replies: 2
    Last Post: 08-06-2004, 06:54 PM
  4. Replies: 1
    Last Post: 05-20-2004, 08:51 AM
  5. Real Estate Transfer Tax Exemption
    By BrokerRE in forum Other Real Estate Law Questions
    Replies: 5
    Last Post: 05-02-2003, 01:21 AM

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  

© Since 1995 Advice Company, All Rights Reserved

FreeAdvice® has been providing millions of consumers with outstanding advice, free, since 1995. While not a substitute for personal advice from a licensed professional, it is available AS IS, subject to our Disclaimer and Terms & Conditions Of Use.