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Updated about 4 years ago on . Most recent reply

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9
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17
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Ravi Ramphal
17
Votes |
9
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Capital gains when using HELOC

Ravi Ramphal
Posted

Will I get hit with capital gains tax when selling a house I used a HELOC to purchase a rental home?

I currently have a home I bought for 500 K, upgraded it, and now it's worth 2.5M. Got a HELOC for 1.5M and used it to buy a home for 500k.

I want to sell the primary home (2.5m), will I pay capital gains on the amount I used on the HELOC?

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