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retire sell home for gain,buy new home,is the roll over in new home exempt from cap gain tax?
30Mar2008 Filed under: CorporationsQuestion:
retire sell home for gain,buy new home,is the roll over in new home exempt from cap gain tax?
Answer:
Is this your primary residence? If so, you may have no capital gains tax payable on up to $250,000 capital gain or up to $500,000 if you are married. YOU DO NOT HAVE TO ROLL OVER TO NEW HOME.
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