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Does it make a difference tax difference what state I live in?

September 13, 2006


From:  Marie
Date:  Wed, 05 Jul 2006

I live in Illinois, not California. If I sell my condo for $155,000, do I have to invest all the profit in a new place?

Answer

Date:  09 Aug 2006

Hello Marie,

See our article, "Could your residence be the ultimate tax shelter?"

Illinois appears to follow the federal tax law on the exclusion of gain from the sale of a principal residence.

Good luck!
Mike Gray

We have more answers to frequently asked real estate tax questions! We also offer up-to-date information about new tax real estate tax developments in Michael Gray, CPA's Real Estate Tax Letter.

IRS Circular 230 Disclosure: As required by U.S. Treasury Regulations, you are hereby advised that any written tax advice contained on this website was not written or intended to be used (and cannot be used) by any taxpayer for the purpose of avoiding penalties that may be imposed under the U.S. Internal Revenue Code.

Does it make a difference tax difference what state I live in?

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