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Reply to "Upgrade house or pay off?"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Up to 250k of profit from the sale of your primary home (500k if filing jointly) may be tax free... talk to a tax advisor before deciding if that a primary reason for deciding one way or the other. [/quote] OP here. I know and we file jointly. I was just pointing out that we're at 500k now so if we stay and pay it off we'll certainly owe taxes if we sell and move to a LCOL area in retirement. Like I said, it's a small consideration, but one we've thought about when pondering this decision. Thanks! [/quote] But you can subtract from that amount anything you put into it, like new floors, new kitchen, new roof, etc. So keep your receipts![/quote]
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