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Home > Money & Services > Taxes   »   house sale profit

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Old Jul 20, 2007, 08:20 AM
dacowboys
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house sale profit
My wife and i are expecting to make a decent profit from the sale of our 1st house. We are separating so we will not be buying another house anytime soon. What kind of taxes/penalties should we expect to pay in order to pay off bills, split the profits, etc?

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Old Jul 20, 2007, 11:48 AM   #2  
AtlantaTaxExpert
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There should be NO taxes and NO penalties.

In 1997, our beloved Congress changed the tax laws and made any profit (up to $500,000 for a married couple) made on the sale of a personal residence TAX-FREE.

You do not even have to report the sale on your tax return.

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GoldieMae agrees: Agree, just stay married until the sale is final to reap the full benefit.
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Old Jul 20, 2007, 03:57 PM   #3  
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That's England; this is the U.S. tax law.

If you are sending this from England, all bets are off, as my expertise is for U.S. tax law ONLY!
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