Georgia Tax Benefits for Seniors
More and more retirees are considering moving to the wonderful state of Georgia. Why? Apart from all that ‘the Goober state’ has to offer, Georgia also has excellent tax benefits for seniors. If you are senior over the age of 65, you would understand the lure of Georgia. Most seniors live on a fixed income. Taxes and other extra expenses can cut into their income and lifestyle. This is one of the main reasons why seniors are moving to Georgia.
Tax Benefits in Georgia
Residents of Georgia, aged 62 years and older, are exempt from its 6% tax, all social security and $70,000 per couple of income on pensions, interest, dividends and retirement accounts etc. However, this was further increased, in 2012, to $130,000. It is stated, by 2016, all senior retirement income will be exempt of tax. Furthermore, first-time homebuyers in Georgia who have not owned a home three years prior to the purchase of the new home are also eligible for up to $8,000 tax credit. Homeowners of newly constructed or resale, single-family detached, townhouses, or condominiums can qualify for this credit – if these homes are used as their primary residences. To be eligible for some of these tax deductions and exemptions, you need to be over the age of 65. Furthermore, you can be exempt from tax if you are considered partially or totally blind.
Benefits of Tax Deductions for Seniors
Retirees can make use of many benefits by moving to Georgia and taking advantage of their tax deductions and exemptions. There are several advantages of tax deductions. One of these is your medical and dental expenses. These tend to be exorbitant but fortunately for you – some expenses are deductible. Health insurance premiums and prescription drugs and nursing care etc. are some of these deductible expenses. You can also invest your money and gain higher interest as you will be charged less tax than others. Tax deductions and exemptions also enable you to obtain a larger profit on the sale of your home. This, of course, is for Georgia residents who have lived in their homes for at least two years or more. The money you get from the sale of your house will let you purchase a newer home in an active adult community that is well suited for your empty nester phase of life. Otherwise, you may save it as a nest egg.
If you are interested in living in Georgia, and making the most of the benefits this state has to offer, there are 222 communities listed in ActiveAdultLiving.Com site that you can consider. A few of these communities are mentioned below:
- The Village at Deaton Creek by Del Webb – Hoschton
- The Fairways at Savannah Quarters – Pooler
- Soleil Laurel Canyon – Canton
- Brookehaven at Sugarloaf by Jim Chapman Communities – Duluth
- Autumn Lake, Bouy Brothers Builders, Inc. – Savannah
If you are considering a retirement home in a tax heaven state, Georgia is not the only state that offers you these benefits. You can also consider states, such as, Florida, Nevada, Alaska and Texas. Fortunately for you, there are amazing active adult communities in these states too. Check out these communities, by simply clicking various state links in our home page and make the most out of your age related tax benefits. With over 5,800 active lifestyle communities, listed in our site, you are sure to find a community that suits your requirements.