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The $600,000 estate tax exemption was to increase gradually to $1 million by the year 2006. As inherited assets are automatically revalued to their current or "stepped-up" basis, any capital gains are permanently exempted from taxation. Family farms and small businesses could qualify for an exemption of $1.3 million, effective 1998. Starting in ...
If approved, the measure would exempt all “real property” owned by individuals over 75 years old. According to 2023 U.S. Census data, more than 487,000 Washingtonians, or about 6.3% of the ...
eliminates the requirement that qualified housing for persons age 55 or older have "significant facilities and services" designed for the elderly provides "good faith reliance" immunity from damages to persons who in good faith believe and rely on a written statement that a property qualifies for the 55 or older exemption, unaware that the ...
Redfin reports that as of September 2024, there are more than 164,000 homes in Texas on the market, but the median list price is just $379,000. That’s nearly $60,000 less than the $434,050 ...
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The amount for a married taxpayer to file a joint return increased under the Economic Recovery Tax Act to $125,000 from the $100,000 allowed under the 1976 Act. A single person was limited to an exclusion of $62,500. Also increased was the one-time exclusion of gain realized on the sale of a principal residence by someone aged at least 55. [13]
It’s true that large investors have become bigger players in the single-family rental market over the past decade. Invitation Homes owned more than 76,000 single-family homes as of its earnings ...
State exemptions vary from strict to generous. For example, Texas is more lenient in allowing your homestead and up to $60,000 in personal property. [1] Texas also exempts certain investments and insurance policies. Other states, such as Arizona, are more strict and may exempt only $150 in a checking account comparatively speaking.