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Will I owe taxes when I sell my house?
Thanks to the Taxpayer Relief Act of 1997, many home sellers no longer owe taxes on the gain they make when they sell their house. Married taxpayers who file jointly now get to keep, tax free, up to $500,000 in profit on the sale of their home, as long as they lived in it for two of the prior five years. Single folks and married taxpayers who file separately get to keep up to $250,000.

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