Do tax breaks exist for elderly home sellers?
January brings good news for lower-income folks
By Benny Kass, Thursday, December 27, 2007.DEAR BENNY: I am a 90-year-old widower. I will have to sell my house when I am no longer able to drive. My problem concerns the possible tax on my profit. I possibly will get double my cost of 20 years ago but the dollars have lost half of their value (purchasing power) so there may be no gain at all. I call this "imaginary profit."
I understand that in the past there was no tax for elderly people when they sold their house at a gain. Is there such a law presently in existence?
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