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(Following is for general information only & may not reflect the latest IRS regulations. Please consult IRS or a tax consultant for advise.) If one has lived in a home for minimum 2 years of the last 5 years prior to sale, one can take benefit of the following capital gains tax breaks: 1. A single or widowed person can take away the first $250,000 without paying capital gain tax. A married person can take away the first $500,000 without paying capital gain tax. Any remaining profit will be taxed at 20% rate.
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