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I bought a house two years ago for $200K. I gave $50K as the downpayment.
I need to sell this house sometime within the next two years. The money from the sale will be enough to pay off the balance and I hope there will be my $50K from the downpayment left so I can buy my next house. Question, will I have to pay taxes over the $50K that will be left when I sell the house?
If the question is 'yes', the tax system is unfair (it wouldn't surprise me!)because I had already paid taxes on the $50K money that I spent on the downpayment.
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