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Any income you earn from selling a house is taxable as a capital acquire (with a notable exclusion -- see below). To declare your property tax deduction, you'll want to trace your annual property tax payments. Your real estate taxes may also be listed in Box 10 of Form 1098 out of your mortgage lender. Enter your complete amount of actual property taxes paid for the 12 months in Line 5b of 1040 Schedule A. All those House & Home Improvement News bills include a silver lining, nevertheless -- tax credit and deductions for your…