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Deductions & credits
Before the $250,000/$500,000 exclusion (before 1997), there was a provision for people over age 55 to exclude up to $125,000 of a home sale. However, that is long gone.
Although most States follow the Federal rules in this regard, it is possible that your State has different rules.
Although most States follow the Federal rules in this regard, it is possible that your State has different rules.
May 31, 2019
5:47 PM