Housing

If you have owned your home for more than 20 years, you may be familiar with the old rule on capital gains.  Until the law changed in 1997, homeowners over 55 had a one-time chance to exclude the princely sum of $125,000 on the gain from selling their homes.  Everyone else was required to pay capital gains tax on all the profits from the sale.  The 1997 legislation substantially changed the rules.  Now, any homeowner, regardless of age, is entitled to a statutory exclusion on profits from the sale of the family home.  A single individual can exclude up to $250,000 of gain.  A married couple can exclude up to $500,000. 

Most individuals desire to live as independently as possible while receiving the level of service or care needed. Fortunately there are many housing options to choose from depending on the level of care needed, eligibility, and budget. One of your best resources for housing options is the Area Agency on Aging.  

This website has been prepared for general information purposes only. The information on this website is not legal advice. Legal advice is dependent upon the specific circumstances of each situation. Also, the law may vary from state-to-state or county-to-county, so that some information in this website may not be correct for your situation. Finally, the information contained on this website is not guaranteed to be up to date. Therefore, the information contained in this website cannot replace the advice of competent legal counsel licensed in your jurisdiction.

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