Are Seniors Exempt From Capital Gains Tax?
When you sell a house, you pay capital gains tax on your profits. There's no exemption for senior citizens -- they pay tax on the sale just like everyone else.
At what age are you exempt from capital gains?
The over-55 home sale exemption was a tax law that provided homeowners over the age of 55 with a one-time capital gains exclusion. Individuals who met the requirements could exclude up to $125,000 of capital gains on the sale of their personal residences.
Over-55 Home Sale Exemption Definition - Investopedia
Do retirees have to pay capital gains tax?
Typically, pension funds don't have to pay capital gains taxes. Because pension funds are exempt from paying capital gains taxes, assets in the funds can grow faster over time. While the pension fund does not pay capital gains taxes, distributions to the employee will be taxed at the employee's ordinary income rate.
How Capital Gains Tax Works on Pension Funds - Investopedia