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To calculate the capital gain tax, check the following conditions applied to
you:
This house is my personal residence, not an investment or rental
property.
I
have
lived in this
place for
at
least two years.
I
file the
federal tax return jointly with my spouse.
I
don't
have
to pay any capital gain tax on this house for other reasons.
Based on the conditions selected above, the taxable capital gain from the sale
of this house will be .
I may owe the capital gain tax of .
(Homeowners do not need to pay capital gains tax on real
estate profits up to $250,000 for single filers or $500,000 for married couples
filing jointly if they owned and lived in the home as their primary residence
for at least two out of the five years before the sale.)
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