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Help. I'm really confused on how much capital gains tax I'll be facing after sale of two homes. We purchased a lot in December 2003 and built a house which was just completed in April. Then we had two major events late last year; I had a baby and also got laid off. Because we couldn't leave the house empty and had no where to go, we moved in knowing that we could not afford to live in it nor do we want anymore due to change in our lifestyle. We just recently sold the condo we were in which was our primary residence for the past 4 years. Now, our house on the market as well. I don't know how much capital gains tax I'll have to pay. I've contacted accounts and attorneys but unfortunately, I'm getting different answers. One says we'll only have to pay 15% capital gains tax on the house after selling since we owned the land for over a year and other says we'll be taxed according to our tax bracket and no brake. Also, I'm finding from researching on the Internet that I may be able to get some exemption because I was laid off??? Can anyone help shed some light on this issue? It'll be much much appreciated.
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