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You've successfully sold your old house and moved into your new dream home. 'At last,' you think to yourself, 'I can get on with my life and stop spending so much of my leisure time on housing decisions, transactions, and paperwork.'
If the idea sounds too good to be true, it is. Unfortunately, the Internal Revenue Service (IRS) and most state tax agencies may want to know all about the sale of your house because you may owe income tax on profits that you receive from the sale. This chapter helps you square away any tax-related issues you may encounter when selling your house.
If you sell your house for a profit, you can legally avoid paying income tax on that profit as long as you meet certain requirements. Wanna know how?
