Tax Relief – Application Information for Elderly

It sometimes happens that older people are not aware of the tax relief benefits they may claim

. Even if they know about them, they may not know whether they qualify for this exemption. Following are the criteria that must be met to qualify for tax relief on the basis of land.

http://www.taxcompromise.pannipa.com/2009/10/12/tax-relief-application-information-for-elderly/

Age Requirement

The age of at least one of the spouses at the time of application is 65 or older.

In the case of a widow or widower, they are over 60 years.

People who are permanently disabled mustaged over 18 years.

Ownership of Property

The first condition is that they have owned and lived continuously in the same house for the last 10 years. An owner who has moved within the last 10 years and continues to possess and occupy the new property as a principal residence are eligible.

Applicant income limit for tax relief

Total household income, including any resources that should be no more than $ 69,600. When deciding on the outcome of thefirst 10,000 dollars earned by a relative who lives in the same house, with the exception of the owner or spouse is not counted.

The senior's financial assets, including the applicant and spouse stay in the house, should not exceed $ 340,000, this includes the house for the tax relief is wanted. This may take up to 25 hectares are occupied.

The criteria for the granting of this provision may, from time to time, so it is good to change, to find out any changes before submitting aApplication. You will receive tax credits, on an annual basis so that a new application must be submitted annually.

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Tax Relief Application Information for Elderly

By: Gordon

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