Over 65 Deduction

To receive the Over 65 Deduction, taxpayers must meet all the requirements. These requirements include:

  • The applicant and any joint tenants or tenants in common must reside in the home for at least one year before the deduction is claimed.
  • The property's assessed value cannot exceed $200,000. (Note: Recent legislation will increase this threshold to $240,000 beginning in 2023.)
  • The adjusted gross income (AGI) of the property owners cannot exceed $30,000 for individuals and $40,000 for those married filing jointly.
  • Applicants must be at least 65 in the year preceding the year in which the deduction is claimed.
  • A surviving, un-remarried spouse who is at least 60 may qualify for the deduction if the late spouse was at least 65 and all other criteria are met.

DOWNLOAD The Over 65 Deduction Application Form