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With soaring prices and record home equity, you may expect a profit from selling your property. But the windfall may trigger an unexpected tax bill next April.
While home profits dipped slightly, the typical single-family seller still scored a $103,000 gross profit during the first quarter of 2022, according to ATTOM, a nationwide property database.
Although many skirt taxes with profits under the capital gains thresholds, others — especially long-time homeowners — may have a costly surprise, experts say.
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Source cnbc.com
