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Hello alll. I saw a similar situation to mine posted on the home sale board but wanted to run it by you.

Situation: bought condo in 8/01, selling in three weeks for profit of about $20k (including purchase/sale expenses and improvements). We did not know about the change in taxing gains until we made the offer and it was accepted.

Question: Is the whole gain taxed or is it pro-rated on how long you owned the property? What is the tax rate?

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