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Updated over 3 years ago,
Capital gains on primary
Would like some info on capital gains
Scenario.
-Purchase price $250,000
-Cash out refinance 10 years later new morgage is $450,000 appraisal 750,000
-Used the $ to invest in more Realestate.
- Decide to sell a few years later house and property should sell close to $1 million .
My question is do you figure the capital gains from the original purchase prize or the refinanced ? I will seek advice from our tax professional before we do decide to sell . Curious if anyone any info .
Thank you!