• The Over 55 Home Sale Exemption was a tax law that provided homeowners over the age of 55 with a one-time capital gains exemption.
  • The seller or at least one title holder must be over 55 years of age on the day the home is sold to qualify.
  • With the enactment of the Tax Exemption Act 1997, this exemption was replaced.
  • Since 1997, new sales exclusion amounts have been introduced for all homeowners, regardless of age.
  • The passage of the 1997 law allows for a non-excludable profit of $250,000 per taxpayer, or $500,000 on a joint return filed by a married couple.