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of <h1>House Sold After 5 Years Is a Long-Term Capital Asset; Profit Taxed Under Capital Gains Rules</h1> A house sold after being owned for five years is considered a long-term capital asset. The profit from its sale is subject to tax under 'Capital Gains.' To determine the tax liability, one must calculate the capital gain according to the prescribed rules. If the calculation results in a gain, it will be taxable.
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