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Deductions & credits
Yes, that's right. He will have to pay tax on the gain. It doesn't matter what he uses the money for. Using it to buy another home doesn't make any difference.
You can eliminate some of the confusion if you just forget about the rule that was removed from the tax law 26 years ago, and concentrate on what the current rules are.
‎October 11, 2023
6:54 AM
197 Views