2007-02-10 16:39:53 · 7 answers · asked by ricknasty 1 in Business & Finance ➔ Renting & Real Estate
nope. and it doesn't effect your property taxes either.
2007-02-10 16:45:50 · answer #1 · answered by Patrick G 4 · 0⤊ 0⤋
No this is a loan and you are not taxed on a loan.
You will pay the normal documentary tax stamps at the closing.
2007-02-10 16:42:03 · answer #2 · answered by batwanda 4 · 0⤊ 0⤋
No. It is not really income, it is a loan you are going to pay back with interest.
2007-02-10 16:42:16 · answer #3 · answered by Anonymous · 0⤊ 0⤋
No. The money is a loan that you have to repay, not a capital gain.
2007-02-10 16:42:33 · answer #4 · answered by A_Kansan 4 · 0⤊ 0⤋
not when you pull the equity out. only if you are liable for capital gains when you sell the property.
2007-02-10 16:44:17 · answer #5 · answered by Anonymous · 0⤊ 0⤋
no it is not income you are just shifting money you already have, and you still have to pay it back
2007-02-10 23:47:58 · answer #6 · answered by G&L 3 · 0⤊ 0⤋
NO
2007-02-10 17:22:23 · answer #7 · answered by Chris P 3 · 0⤊ 0⤋