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Eric Reed. Capital Gains Exemption for Seniors. Current tax law does not allow you to take a capital gains tax break based on age. Once, the IRS allowed people over the age of 55 a tax exemption ...
Taxpayers over 55 were once allowed a one-time $125,000 in capital gains exemption for selling their home, known as the over-55 rule, but that rule was phased out in 1997.
20%***. * This rate was reduced one-half percentage point for 2001 and one-half percentage point for 2002 and beyond. ** There was a two percentage point reduction for capital gains from certain assets held for more than five years, resulting in 8% and 18% rates. *** The gain may also be subject to the 3.8% Medicare tax.
The $600,000 estate tax exemption was to increase gradually to $1 million by the year 2006. As inherited assets are automatically revalued to their current or "stepped-up" basis, any capital gains are permanently exempted from taxation. Family farms and small businesses could qualify for an exemption of $1.3 million, effective 1998. Starting in ...
Capital Gains Exemption For Primary Residences. The IRS allows married couples to exclude up to $500,000 in home sale profits from capital gains taxes. Individuals can exclude up to $250,000.
The estate tax is part of the federal unified gift and estate tax in the United States. The other part of the system, the gift tax, applies to transfers of property during a person's life. In addition to the federal government, 12 states tax the estate of the deceased. Six states have "inheritance taxes" levied on the person who receives money ...
Long-term capital gains tax is a tax applied to assets held for more than a year. The long-term capital gains tax rates are 0 percent, 15 percent and 20 percent, depending on your income. These ...
97%. Bottom 50%. Under $36,055. 11%. 3%. Progressivity in the income tax is accomplished mainly by establishing tax "brackets" - branches of income that are taxed at progressively higher rates. For example, for tax year 2006 an unmarried person with no dependents will pay 10% tax on the first $7,550 of taxable income.
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