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Congratulations on selling your house in this market for enough profit that you have to worry about capital gains after excluding the $250,000 allowed.
I always felt the capital gains tax on houses was discriminatory:
- It discriminates against people who like to "take root" in a particular home, so that their gains build up over the years, as opposed to people who move every 8 or 10 years,
- It discriminates against singles, who pay as much in property tax as large families, and not only get no benefit from the school system, but then get only 1/2 as much of a CG exclusion!