Friday, December 16, 2011

OK Capital gains tax question:?

This one is a no brainer. If you resided in the house for the last two years (short absenses are normal and don't subtract from the time period) and are single you can sell it and make a two hundred and fifty thousand profit and owe no tax since it was your main home. If you are married and filing jointly you can make a five hundred thousand dollar profit and own no tax. Get a pub 15 or go to IRS.GOV and check this out if you wish. I have done taxes for 36 years so this is why I called it a no brainer.

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