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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

I'm not quite sure what you're asking, since the capital gain exclusion has nothing to do with estate tax, and if someone inherits your house, it comes with a basis of the fair market value as of the date of your death.

If you sell a home that has been your principal residence for 2 of the 5 years immediately preceding the sale, you can probably exclude $250,000 of gain. See Publication 523 for the "ifs" and details.

Phil Marti
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