Home Selling in 59925>Question Details

Montanadog, Home Owner in Marion, MT

If I sell my property after age 65 do I have to pay taxes on it

Asked by Montanadog, Marion, MT Mon Apr 2, 2012

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Montanadog,
I looked up the IRS site to be certain, here is their response and a link to the site to check for yourself.

Principal Private Residence

If you sell your house, including grounds of up to one acre (0.4047 hectares) and the house has been occupied as your sole or main residence throughout your period of ownership, you may be entitled to full Principal Private Residence relief (PPR relief) and therefore exempt from Capital Gains Tax on the sale. PPR relief is available to all vendors selling their home, there are a number of conditions for the relief but age is not one of them. This relief may be reduced where the home has also been used for business purposes or is being sold as development land.
0 votes Thank Flag Link Mon Apr 2, 2012
I did rent the downstairs to my son, I did not file taxes in 2014, I have sold the property I am 65 what do I have to pay ? gains or taxex or both. now I am 65.
Flag Tue Jan 12, 2016
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