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Guest

i am planning on selling my present home and wanted to know if there is any tax break available if i make some profit from the sale… after it is sold i would purchase a new home in florida, and apply for homestead exemption after some time... i am now about 68 years old and heard that i can also apply for a additional homestead exemption as a senior citizen… from what age can someone get this additional exemption and what rules i have to meet to qualify... please provide some suggestions and help me out,thanks

Guest

There is a tax break available if you sell your home and earn a profit out of it.

You can make profit of up to $250,000 (or $500,000 for a married couple filing jointly) and won't have to pay any tax. But for that one condition has to be met.

You are required to use the home as your primary residence for at least 2 years out of last 5 years before the home is sold.

It means if you are selling the home in 2007 then out of the prior 5 years you must have used the home as your primary residence for at least 2 years to avail the tax break.

Emshwiller

carnahandavid · Joined: 21 Dec 2006 Posts: 238 58.41 Dollars($)

Hi Kaye,

Samantha

Hi Kaye,

Welcome to our forums.

The additional homestead exemption applies only to the property taxes levied by taxing authorities who have authorized the exemption. The deadline for filing the applications is March 1st, 2007.

In order to qualify for the additional exemption of $25,000, the taxpayer should be aged 65 years or older on the 1st of January for the year for which he will claim the exemptions.

The county or the municipality where the property is located, should adopt a rule that allows for the additional homestead exemption which is applied only to taxes on property.

The annual household income of the taxpayer for the previous year should not go beyond $23, 463 for the 2006 tax year.

Hope this is going to help you

God bless you.

Samantha

Guest

This is my primary residence since 2005. How many years are required
as primary residence to get a tax break? I am 70 yrs. old. My husband
is 72 yrs old.

Posted: Thu Jun 04, 2009 2:22 am Post subject:

As far as I know, there is no age restriction on getting a tax break on primary residence.

Realgeni · Joined: 13 Apr 2009 Posts: 1434 99.76 Dollars($)

Kaye

Welcoem to forum.

If you lookign for property tax exception, then it is a good idea to check with yoru county. There are some exceptions for senior citizens

Realgeni
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