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Paid 2 half% to listing and buying agent every. Because of this even in the event you purchase a house for $600k and sell it for $550k, you should still owe taxes if you have been depreciating it for a few years. It was breath-taking"…virtually 50% of the revenue" would go to State, local and Federal taxes. The yr you sell the house, it's a must to pay tax so the government can ‘recapture' all of the depreciation you claimed during the last X years that the property has been a rental.
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