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Updated 4 months ago,
Recasting Mortgage & Capital Gains Tax
I am looking to purchase a new home and sell my old home, which I have about 300k equity in. I will be recasting my old mortgage to the new property. However, when I recast the mortgage, I only want to put 200k back in and keep 100k for renovations. Am I subject to any tax or capital gains tax on that 100k? Just curious!
Thank you!