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Can you get the one time after 55 no tax for selling a house?

I put my house in irrevocable trust.
Can I now sell the house and take advantage of no tax on profit due to being over age 55?

Status: Open    Oct 19, 2016 - 04:44 PM

Senior Real Estate

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Expert Answers

Nov 10, 2016 - 10:47 AM

It depends.

Depending on the type of irrevocable trust, you may or may not have retained the option to avoid tax. Check with the attorney who drafted it for you.

Also, the capital gains tax avoidance is not a one-time benefit. You can make this election every 2 years if you live in a place for two years. There is no age limit either. Check with your tax advisor.

Nov 10, 2016 - 03:26 PM

That depends on the terms of the trust. If the trust is a grantor trust and you have lived in the house the necessary 2 of last 5 years, then yes. Otherwise, no

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