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the house sold and the house purchased serve as your principle residence. A vacation house doesn't qualify. However, if you owned the dwelling for more than the required time to allow the profit to be taxed as long term capital gains (6 months in 1966, 9 months in 1977 and one year after that), the S2.000 profit would only be taxed at half the normal rate.
If there is anything we can do to help you in the field of real estate, please phone or drop in at EILEEN M. DAY. REALTOR, Middle Street, Washington. Phone: 675-3400. We’re here to help.
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