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Get your taxes done using TurboTax
Despite the fact that your parents' income before the gain is $82,000, their gain on the sale of the residence ($1 million) is added to that $82,000 to arrive at their AGI (adjusted gross income). As a result, that increases their capital gains tax rate (i.e., the capital gain counts toward their AGI for tax purposes).
‎September 27, 2022
8:11 AM
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