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Thanks for your help.
It's hard to say what our 2002 tax return will look like. My wife is self employed as a Real Estate agent and my salary seems to be growing quite a bit each year. Which, thank God, is good, but makes it really hard to determine what our income is going to be. Thus, making it hard to plan for taxes. I was told that recently that we would pay taxes (on the house) based on the following equation: Sales Price - (base cost + acquisition costs + sales costs)= X and we would pay taxes based on what the value of X is. So, b/c my wife is the agent would it be better if she took the whole "profit" as her commission? Thanks for your help. Also how beneficial would it be to wait a month? Also, what do mean by making "other" plans about the sale? Thanks again for your help.
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