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Author: psm Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121106  
Subject: Taxes on Sale of a home Date: 4/13/2001 8:55 AM
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Based on some discussions with others, and the following exerpt from a Fool Article I have determined that I should not be required to pay CapGains tax on the sale of my home.

"The key to the entire plan is that you are allowed to sell a principal residence once every two years and exclude up to $250,000 ($500,000 for a married couple) of the gain on the sale."

I have lived in my home for (4) years, it is my only property, and my child would be forced to pay estate taxes if I were realize a $250,000 gain die to my massive heart attack.

The real question is will I have to pay income tax on the gain and at what rate? Any info would be appreciated.

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