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Hello and thank you for using Just Answer,Unfortunately you would pay tax on any gain form the sale unless the property was your main home for 2 out of the last 5 years prior to the sale.
The gain would be the difference in the cost (plus improvements) and the sales price (less cost to sale).
Minnesota includes all net capital gains income in taxable income and subjects it to the same tax rates as apply to other income.
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Thanks I understand,have a nice day Tim
You are most welcome
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