• Gold's Gym XR 55 Home Gym
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  • The over-55 home sale exemption is an obsolete tax law that provided homeowners over the age of 55 with a one-time capital gains exclusion.
  • 55 Gallon home aquarium

Gold's Gym GGSY29013 XRS 55 Home Gym System

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The over-55 home sale exemption is an obsolete tax law that provided over the age of 55 with a one-time exclusion. Individuals who met the necessary requirements could exclude up to $125,000 of capital gains on the sale of their personal residences. The exclusion was intended to stimulate the market and reward homeowners for their purchase and subsequent sale.

The over-55 home sale was superceded by provisions in the 1997 Tax Reform Act. This act raised the amount of excludable gain to $250,000 per taxpayer, and also allowed for more than one exclusion per per lifetime.

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