Submitted By: someone
Answered: March 1, 2021 9:02 pm

Is there any age break for avoiding federal income taxes?

Seniors generally are subject to the same tax rules as other individuals when it comes to reporting income and claiming deductions and credits. However, those age 65 and older can claim an additional standard deduction amount, which reduces the tax bill for seniors.

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Tax Glossary

Tenancy by the entireties

A joint tenancy in real property in the name of both husband and wife. On the death of one tenant, the survivor receives entire interest.

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