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The first year a house is purchased can be a troublesome 12 months to itemize (relying on the timing of the purchase) as a result of, the later in the 12 months you buy your house the much less interest and actual estate taxes you'll pay, making your itemized deduction total lower than wanted in many instances. And probably when your house is looking at its greatest. The tax laws allow you to exempt from taxes a gain of up to $250,000 ($500,000 if married submitting jointly) whenever you promote your major residence.
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