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Buying with a home equity loan
Hiya,
I'm waiting for approval for an equity loan to purchase a house. It's pretty beat up so I need the gap before moving in. My plan is to sell this in Spring when the market kicks back in.
Am I going to get tagged with capital gains because I'm not immediately rolling sale proceeds into the new property? I've been here 5 years, and plan to pay off the loans in full when I sell my current. (probably obvious but so you have the info).
I could go on about the loan and how annoying that process is. No pre approval letter so I can't put an offer in, but that is a whole rant...
Thank you- Lisa