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Deductions & credits
Q. Can we avoid capitol gains or at least reduce it?
A. No.
As others have said, you are selling a "2nd home". The gain on the sale is a taxable long term capital gain (LTCG), subject to long term capital gains rates. Depending on how much total income you have LTCG are partially taxed at 0%, 15%, 20% and/or 23.8%.
‎August 22, 2023
6:10 AM
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