Over-55 Home Sale Exemption,
Definition of Over-55 Home Sale Exemption:
Over-55 Home Sale Exemption means, The 55+ Home Sale Exemption is a tax law that provides one-time economic benefit exemptions to 55+ homeowners. Eligible individuals can deduct up to $ 125,000 from the sale of their personal residence.
- The 55+ Home Sale Exemption is a tax law that provides one-time economic benefit exemptions to 55+ homeowners.
- One of the sellers, or at least one of the rights holders, must be 55 years of age or older on the day the home was sold to qualify.
- Following the passage of the Tax Relief Act 1997, this exemption was replaced by a waiver amount for all owners, regardless of age.
Literal Meanings of Over-55 Home Sale Exemption
Meanings of Over:
At some level or higher.
More or more (a certain amount or sums)
Press the passage or path.
Specify the period.
Explain the passage or route of an area.
Go ahead and drop or hang in one place.
Used to show actions and results.
Used to express process repetition.
A series of six balls from one end of the court through the pitcher.
Sentences of Over
I saw a fire in Berlin
Hanging on the bar in front of the television
Over 40 degrees Celsius
He marched on the grass
He told me while drinking coffee
Hot debate about unemployment
He reached down and patted my hand
Synonyms of Over
around, on the subject of, higher than, greater than, throughout, respecting, apropos of, all through, upwards of, relating to, as regards, in connection with, with respect to, on top of, re, concerning, more than, everywhere in, with regard to, speaking of
Meanings of Home:
A place where you live permanently, especially as a family or household member.
A facility for people who need professional care or supervision.
A goal or end point (in sports).
Regarding where we live
(From a sports game) is played on a field or team field
Name of the organization's administrative center.
Where or where we live.
(The beast) naturally returns to its territory after leaving it.
Move or aim (target) with great accuracy.
Sentences of Home
I was 19 when I left home to go to college.
It is four doors from your house
I don't have your personal address
This is your first home game of the season
The company changed its headquarters
Synonyms of Home
pinpoint, spotlight, fix on, retirement home, property, old people's home, highlight, residential home, convalescent home, rest home, concentrate on, focus on, focus attention on, centre on, accommodation, institution, nursing home, place of residence, aim at, underline, a roof over one's head, zero in on
Meanings of Sale:
Exchanging goods for money, selling something.
The period of time that the retailer sells the item at a discount.
Sentences of Sale
We stopped selling
Synonyms of Sale
selling, vending, transaction, bargain, disposal, deal
Meanings of Exemption:
The process of being free or free from obligations or responsibilities imposed on others.
Sentences of Exemption
Prescription fee waiver
Synonyms of Exemption
indemnity, relief, exception, exclusion, dispensation, release, freedom, exoneration, absolution, immunity