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Tax Implications of Selling Your Home

Join Ralph Estep, Jr. as he discusses the important topic of reporting the sale of a primary residence. He provides information on the essential documents needed for accurate reporting, such as the closing statement, purchase and sales agreement, home improvement records, property tax records, and mortgage and loan information. Ralph highlights key points related to capital gains tax, including eligibility for a capital gains tax exclusion and partial exclusions based on specific circumstances. He also mentions the IRS forms required to report the sale and discusses additional tax considerations like the net investment income tax and state and local taxes. Ralph emphasizes the complexity of reporting the sale and advises listeners to consult with a qualified tax professional for personalized advice.

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