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Reply to "Retirement Gurus Quick Question "
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]You would be taxed at long-term capital gains rate for the amount you make (difference between purchase and sales price) above and beyond the $250K per person exclusion assuming you have continued to live there. http://www.irs.gov/taxtopics/tc701.html You don't need to "protect the money". Taxes pay for schools, hospitals etc. If you are making a couple of million you can afford a few hundred thousand in taxes.[/quote] issue is after exemption, let's say there is 1M in play. Are we taxed at personal income bracket (40% roughly) which is 400K or capital gains rate (15%??) much different scenarios. [/quote] why don't you re-read the post you quoted, or check the link the PP helpfully provided?[/quote]
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