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  1. #1
    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
    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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