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Dear fellow Fools,
My question deals with the selling of a house. Recently, I sold my house and purchased a new one. We lived in the old house for over 5 years. We payed 35,000 for the house and sold it for 50,000. My question is:Do I have to pay taxes on the capital gain from the sale or am I exempt according to the Taxpayer Relief Act of 1997?
I file my taxes married filing jointly.
The reason for this question is because I plan on reducing my federal witholdings while ensuring I still am paying enough in to pay my taxes. The excess will be invested so that I can reap the benifits instead of allowing Uncle Sam using my money. (Like he really needs it). Thanks for reading about my situation.


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