Best way to minimize taxes on sale of a house.?


I am getting ready to sell a house in Lousiana. I moved to Kansas a couple of years ago for a job, and bought a house here last year with no money down (it was all tied up in the other house). I am concerned that I will show a decent profit on the old house, bought it for $67,000 in 1998 and expect it should sell for at least $120,000 on the current market. I need to move as much money as I can into my current house to hopefully pay off the second mortgage on it at least, but I’m expecting that with high Kansas taxes and US taxes that I will take a pretty big hit. Anybody been through this before, and have any advise?

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