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Since this was your personal residence for the last 5 years, and it appears that you sold it in 1998, then you can defer $500,000 of gain on your residence. That is the figure for married couples filing jointly. The deferral amount for singles is $250,000. ( Be sure to file the proper forms with your tax return next April.) You will have to own your current house for 2 years before you can do the same thing again--that is, avoid paying capital gains on the sale of your home. Congratulations on your new home.
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