What are the tax laws on selling a home after age 70 in Alabama?

Answer by  Vladimir (459)

The state of Alabama treats income made on home sales the same as the federal government does, effective 1998. Since 1997, the Federal Government has allowed married homeowners to exclude up to $500,000 ($250,000 for single filers) from the sale of their primary residence from federal tax returns.

Answer by  MarkWatrous (729)

Married homeowners can exclude up to $500,000 ($250,000 for single filers) from the sale of their primary residence from federal tax returns. You will need to file Albama Form 40 Schedule D, and report the sale, and you will be taxed on the gain (sale price minus the cost basis).