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Hello and thank you for using Just Answer,Sale of the real property and it's taxation will depend on how you used the property. If you owned it and used it as your main home for 2 out of the last 5 years before you sale, you are allowed to exclude up to $250,000 (if you are single and $500,000 if married) of the gain.Gain will be determined on the difference in what you paid and what you sale the property for.
In any event you can not avoid capital gains by replacing the property for personal use property.
There are some instances where you can replace property with other property (a 1031 exchange) and defer tax but the property cannot be personal use.
So, is this your main home you are looking to sale?
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