Senior Citizen

Senior Citizen means, in general, a person aged 65 or over. A number of special tax rules favor senior citizens:

• higher filing thresholds for those aged 65 and over.

• the elderly tax credit for those aged 65 and over.

• the $125,000 exclusion of gain from the sale of a home by a taxpayer aged 55 or over.

• the higher standard deduction for those aged 65 or over.

• an additional $600 deduction.