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Page 18 of 63 |
How is gain from the sale of my personal residence taxed? |
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Taxpayers can exclude $250,000, or $500,000 for married taxpayers filing a joint return, as gain from the sale of a home. This exclusion can be used only once every two years. The principal residence must have been lived in as such for two of the five immediately preceding years. Gain in excess of the exclusion is taxable, sometimes at a rate as low as 15% (plus state income tax rate), usually as long-term capital gain.
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