[TexasFreeper2009]

only up to $250,000 if filing alone, or $500,000 if filing jointly.

many of these seniors purchased these homes decades ago and are sitting on millions in equity.

[TexasFreeper2009]

I have relatives that purchased land waaaaay outside of Austin back in the 70’s and built a small modest house on a small piece of land...

Now that house is practically downtown and worth 3-4 million minimum just for the land it is sitting on. They had their property taxes frozen for ages also.

[Alberta's Child]

All the more reason why elderly people should seriously think about selling while they can.

1. If a couple is sitting on a $1 million capital gain on a home they purchased years ago for $250,000 then they will lose half the $500,000 exemption if one of them dies before it’s sold.

2. They’re probably in the lowest tax bracket they’ve ever been in, so their capital gains tax rate is likely to be very low (maybe 0%?).

[dfwgator]

many of these seniors purchased these homes decades ago and are sitting on millions in equity.

I wonder how many fall prey to the "Reverse Mortgage" scam?

[VanShuyten]

“ many of these seniors purchased these homes decades ago and are sitting on millions in equity.”

They’re trying to push us out by raising our assessments, so our property taxes are going through the roof. Our taxes have gone up 30% in the last three years alone. Our modest home in a Virginia suburb now costs us nearly 10 grand a year in property taxes. I’m not sure we can afford to stay here after my wife retires in a couple of years.