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How much tax will he owe on the listed transactions

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Question: Paul sold his primary residence for $201025 after owning it for seven years. His profit on the sale was $25800. The long-term capital gains tax rate is 0 percent for those in the 10 or 12 percent tax brackets, 20 percent for those with taxable income over $434550 (single), and 15 percent for everyone else. If Paul is in the 35 percent tax bracket, how much tax will he owe on the listed transactions?

Reference no: EM132761368

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