the refinanced amount owed to the bank. Which may be $20 to $30K higher than the original price due to so much equity in the property.
2006-08-10 16:40:03 · 6 answers · asked by Slim 1 in Business & Finance ➔ Investing
It will be based on the original purchase price, plus the cost of any improvements you've made. Save those receipts!
2006-08-10 16:47:41 · answer #1 · answered by Jay S 5 · 0⤊ 0⤋
When you sell, capital gains are based on the difference between the sale price and the tax basis for your property. If it is an investment property, this will usually NOT be the original price that you paid. It will be the price you paid minus any depreciated value. You should be deducting depreciation from your income every year.
2006-08-10 18:27:18 · answer #2 · answered by Ranto 7 · 0⤊ 0⤋
Capital gains do NOT occur till you sell the property in question. You simply will owe the lender whatever the $amount the property is secured for, plus any accrued interest, charges or fees.
2006-08-10 16:49:57 · answer #3 · answered by denaliguide2 3 · 1⤊ 0⤋
Original price plus the cost of improvements.
2006-08-10 16:47:20 · answer #4 · answered by Oh Boy! 5 · 0⤊ 0⤋
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2016-11-29 21:33:14 · answer #5 · answered by ellerby 3 · 0⤊ 0⤋
capital gains only when you make a profit when you sell, if you do.
2006-08-10 16:44:08 · answer #6 · answered by Anonymous · 0⤊ 0⤋