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I originally purchased a home 10 years ago for 50K and it ...

Sent to Tax Experts September 07 04:35 PM

I originally purchased a home 10 years ago for 50K and it is now worth 200K.
If I do an 80% refinance on this house and take out the equity, 160K, then sell it a year from now for 200K and pay off my note of 160K. Will my captial gains be 200-160= 40K or will it be 200K-50K= 150K?

Customer (name blocked for privacy)
Status:  Closed   Value: $8
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September 7 4:40 PM (5 minutes and 34 seconds later)
         
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