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Sale of A Home Subject To A Life Estate

Taxes

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When you sell your house, the difference between what you receive and your basis (the original purchase price plus any capital improvements) is potentially taxable as a capital gain.  However, if you owned the house and used it as your principal resident for at least two of the previous five years, you can probably exclude the gain up to $250,000 or $500,000 if you're married and file a joint return. 


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