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<< 5 years ago my wifes father bought a house for us for roughly $350,000. It is now worth over 500k and we would like to sell. He lives in Germany. What are the tax implications if the house were sold for 500k? >>

I'll have to make some assumptions here: you and your wife alone own the house and have lived in it for at least the last 2 years and you have not sold another personal residence in the last 2 years. If those assumptions are correct, you would have no tax liability from the sale. There is an article in the FAQ on the sale of your residence.

Phil Marti
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