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Personal Finances / Living Below Your Means


Subject:  Re: Not everyone gets a tax rebate Date:  6/12/2001  4:46 PM
Author:  jscott27 Number:  153172 of 910563

> Or by selling a mansion you've lived in for less than a year for a
> $2,000,000 gain?

You would owe capital gains taxes on $2M in this case. You must own the home for >= 2yrs in order to get the capital gains exemption.
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