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Updated about 10 years ago on . Most recent reply

Andy Pillinger's profile image
Andy Pillinger's profile image
Andy Pillinger
  • from Kirkland, Washington
  • Member since Apr 9, 2013
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69
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Andy Pillinger's profile image
Andy Pillinger's profile image
Andy Pillinger
  • from Kirkland, Washington
  • Member since Apr 9, 2013
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Andy Pillinger
  • Kirkland, WA
13
Votes |
69
Posts
Buying & Selling Real Estate

capital gains deductions!

Andy Pillinger
  • Kirkland, WA
Posted

Hello,
I am going to sell my house this spring. I will made a profit of over 250K(i'm single) so will be up for capital gains taxes. I have a second mortgage/line of credit of which I can take out a further 35K if I need it. If I use this cash on house renovation preparing the house for sale can I deduct that off the profit to reduce my capital gains? thanks in advance for your advise.

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