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If you both lived in and owned the home for 5 years, you will qualify for the home sale exclusion of 250,000 dollars (500,000 dollars) on a married filing joint income tax return. In which case there would likely be no tax on the sale of this home.
If you both lived in and owned the home for 5 years, you will qualify for the home sale exclusion of 250,000 dollars (500,000 dollars) on a married filing joint income tax return. In which case there would likely be no tax on the sale of this home.
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