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Subject:  Re: Capital Gaines on sale of house Date:  10/9/2001  2:08 PM
Author:  Charlie48K Number:  54484 of 127638

If you have lived in the house for 2 out of 5 years, you won't owe capital gains taxes on the first $250,000 of gain (married filing jointly). This does not negate the other reply that discussed the potential gift situation - that could still be an issue.

That's $500,000 of gain, married filing jointly. See p10 of Pub 523.
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