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, Agent, Glendale, CA
Mon Nov 3, 2008
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.

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