Selling Your Vacation Home? Watch out for These Tax Surprises

If you’re selling your second home, be sure to hold back some of your profits so you have enough cash to pay the tax bill.

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By John Waggoner From Kiplinger’s Personal Finance

When Aimee LaMont and her husband, Ray Struble, sold their rental house in Fairfax, Virginia, they got a six-figure surprise from their accountant. “We got a good-size tax bill,” says LaMont. And how: They paid about $172,000, she says.