Real Estate Law
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The rules were changed a number of years ago regarding avoiding capital gains by re-investing the proceeds from sale. That was replaced by Section 121 of the Internal Revenue Code whereby if you lived in the property as your principal residence at least 2 years out of the 5 years prceeding the sale, you can exclude up to $250,000 ($500,000 when married as in your case), of the gain. Any excess is subject to tax whether or not you reinvest the proceeds.
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