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bbf09
New Member

I sold my home in 2016. I was 65 years old when I sold my home and was told I would not have to pay Federal Taxes on the sale because of my age.

 
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AmyT
New Member

I sold my home in 2016. I was 65 years old when I sold my home and was told I would not have to pay Federal Taxes on the sale because of my age.

If this was your primary home for at least two out of the past five years and the gains (selling price less your basis in the home) were $250,000 or less ($500,000 if married filing joint), then you will not have to pay capital gains tax on the sale of your home.

This rule applies regardless of your age.

Please note, however, that if you received Form 1099-S from the sale of your home, you are required to report the sale (even though there will be no taxes as a result).

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