By: Justin M. Kennedy, Attorney Litherland, Kennedy & Associates, APC, Attorneys at Law I spoke with a client, William, the other day who shared that he purchased his home many years ago for fifty thousand dollars ($50,000). That same home is now worth an estimated one and a half million dollars ($1,500,000). If the home was sold today, the capital gains taxes would be calculated on the difference between the sale price ($1,500,000) and the basis in the property ($50,000), for a taxable gain … [Read more...] about Exclusion of Gains from Sale of Personal Residence
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