Over Age 55 Home Sale Exemption

Definition of "Over age 55 home sale exemption"

Colleen   MacCallum real estate agent

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Colleen MacCallumelite badge icon

EXIT Right Realty

The Internal Revenue Code (IRC Sections 1034 and 121) providing that a person over age 55 can sell a principal residence at a gain and exclude once in a life time up to $125,000 of the gain for taxes. It is allowed irrespective of the purchase of another home. The person must have used the property as a principal residence for 3 of the last 5 years.

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