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Raul, Home Buyer in Florida

using equity/ capital gains

Asked by Raul, Florida Mon Nov 3, 2008

if i use equity for down payment from my townhouse to buy a new house while i rent townhouse if i decide to sell townhouse to pay off mortgage on new house do i have to pay capital gains even though the profit on the townhouse sold is going all to new mortgage

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Keith Sorem’s answer
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Raul
that is a great question.
I am not a CPA and I do not know your personal situation.

My advice:
Don't every sell that townhome
Talk with a CPA BEFORE you do ANYTHING
Ask them what will happen WHEN YOU SELL

Ask them about the principle of appreciation and deferred taxes.

You get bonus points for asking a great question.
0 votes Thank Flag Link Mon Nov 3, 2008
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
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