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A taxable gain is the profit you make when you sell something, like a property, for more than what you originally paid for it. When you have a tax gain, you might have to pay taxes on the profit, depending on your specific situation and the tax laws in your area.
For example, let's say you bought a house for $200,000 and later sold it for $250,000. You made a $50,000 profit, which would be considered a tax gain. Depending on the tax laws, you might have to pay taxes on that $50,000 gain.
"Wit & Whimsy with the Dumb Ox: Unlocking Knowledge with Rhyme:"
In a land of taxes and properties too,
A tax gain occurs when your profits accrue.
When you sell your home for a price that's quite grand,
You'll find that the difference is now close at hand.
A house bought for two hundred thousand with glee,
Later sold for two fifty, a profit, you see!
That fifty thousand dollar gain, oh so bright,
Might be taxed by the law, so you'll pay without fright.
A tax gain, my friend, is the profit we make,
When we sell our investments for more than the stake.
Remember this term as you study and strive,
For in real estate knowledge, it helps you to thrive.