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Tax Free Gain For Elder Home Sellers Under New Law
Las Vegas real estate leader Mr McCuistion explains Section 121 of the Internal Revenue Code offering tax free gains up to 20000 dollars for homeowners aged 85 or older who sell their home. The gain is prorated if the sale exceeds the limit, with conditions including five of eight years ownership and residence. Widow/widower rules, survivorship age, and cooperative apartments are noted.
MENTIONED IN THIS ARTICLE
McCurstion
Las Vegas
McCuistion
National Association of Real Estate Boards
Las Vegas Board of Realtors