Oct 28, 2021
11:17:27am
11:17:27am
Yep. Crazy how many people think their capital gains on the sell of real estate
will be reduced because they took out a loan.
Just yesterday a guy couldn't grasp the concept.
He bought the house for $100,000. Refinanced it and took out $100,000. Sold it for $200,000. Doesn't believe me that he has to pay gain on the $100,000 of profit when he owes the bank $200,000.
I was an investment property.
Just yesterday a guy couldn't grasp the concept.
He bought the house for $100,000. Refinanced it and took out $100,000. Sold it for $200,000. Doesn't believe me that he has to pay gain on the $100,000 of profit when he owes the bank $200,000.
I was an investment property.
Originally posted on Oct 28, 2021 at 11:17:27am
Message modified by JAGA97 on Oct 28, 2021 at 11:17:58am
Message modified by JAGA97 on Oct 28, 2021 at 11:18:21am
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10/28/21 11:22am
I know several people with a chunk invested that are then using a margin loan at 1% on that money to capitalize
10/28/21 11:18am
10/28/21 12:12pm