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Basics of Home BuyingTax Deductions
If you sell a home that you used as your principal residence for at least two of the five years immediately preceding the date of sale, you won't pay tax on any gain unless it exceeds $250,000 ($500,000 if married filing jointly). You normally can claim this exclusion no more than once in any two-year period. If you buy a new house, you'll be able to deduct your interest payments and possibly any points you paid to get the loan.
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