Texas Bankruptcy Laws

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January 11th, 2008

Inflation May Render Profit ‘Imaginary,’ but the IRS Wants Its Share

Q I am a 90-year-old widower. I will have to sell my house when I am no longer able to drive. My question concerns the possible tax on my profit. I may get double my cost of 20 years ago, but the dollars have lost half of their purchasing power, so there may be no gain at all.

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