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A homeowner who is over 65 or older may be able to avoid all income taxes on the profit from the sale of his home if he meets certain requirements. The two main ones are:
The house must have been used as the taxpayer's principal residence for five of the eight years preceding the sale.
The adjusted sales price of the house must be $35,000 or less. If you sold for more than $35,000. you can still avoid tax on the gain attributable to the first $35,000 of the sales proceeds.
If husband and wife own the house jointly, only
78.2%