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Subject:  Large Capital Gain and AGI Date:  12/14/1998  8:58 PM
Author:  carlady Number:  7183 of 127616

I just sold my house last April for a large capital gain probably about $115K after taking the $250K exemption into consideration. I don't currently have an IRA or any kind of retirement account. I was living in it. I have a couple of questions: 1) Do I have to pay the capital gains tax this year on that amount? I thought I had a couple of years to reinvest, but now I'm hearing it has to be paid in April. and 2) Does this capital gain make my AGI to large to start a Roth IRA?

Thanks to anyone who knows.
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