 Basis (by Nancy Neal [VA]) Oct 15, 2009 11:56 AM
 Basis (by Wallace CPM [VA]) Oct 15, 2009 12:05 PM
Basis (by Jason PA [PA]) Oct 15, 2009 12:51 PM
Basis (by bryan [NJ]) Oct 15, 2009 4:30 PM
Basis (by Nancy Neal [VA]) Posted on: Oct 15, 2009 11:56 AM
Message:
State Specific Question About: VIRGINIA (VA)
Hello, I purchased the property in 1992 for 50K as a Hud foreclosure... I started to lease it out in 2003. I had done a re-finance for 75K prior to leasing it out. What is the basis for capital gains if I sell?
Also, I have a home equity line on the home. It has a zero balance. If I have to use the equity line to pay the mortgage while waiting to sell/rent... can that be deducted at the time of sale so there is less to pay in capital gains?
Thank you --216.54.x.xxx |
Basis (by Wallace CPM [VA]) Posted on: Oct 15, 2009 12:05 PM
Message:
Consult a CPA * you have not provided enough information as to any upgrades, etc. --64.12.xxx.xx |
Basis (by Jason PA [PA]) Posted on: Oct 15, 2009 12:51 PM
Message:
Financing has nothing at all to do with your basis, unless of course you are depreciating the fees for the finance.
This is why I do not like to equity skim, you could owe so much on the property that you could sell and make little to no profit and still owe alot of taxes. --74.99.xxx.xxx |
Basis (by bryan [NJ]) Posted on: Oct 15, 2009 4:30 PM
Message:
your basis would be purchase price + several charges incurred at closing + capital improvements done over the years.
add them up --71.230.xxx.xxx |
Reply:
|
|