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Reply to "How to avoid capital gains tax on house sale"
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[quote=Anonymous][quote=Anonymous]It's all self reported anyway and no one at the IRS was looking even pre-DOGE. I doubt anyone is paying cap gains on a home sale.[/quote] No it isn’t self-reported. There is an information form sent to the IRS that you sign at closing when you sell. I once sold a house and forgot to include the form on my tax return. I got a letter from the IRS two years letter with an assessment that used zero as my basis on the house I sold (because I had not included the form in my tax returns. The has to go to the courthouse and get a copy of the deed from when I bought it to prove the basis in my reply. I didn’t owe any tax because we were under the exclusion amount in gains. But it was a hassle. [/quote]
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