What is the name of your state? Florida.
My question is:
If you sell an investment property and you have a capital gain $150,000, I know you can do a 1031 delay, but you also have a line of credit lets say for example of about $100,000 and you sell for $250,000. You withdrawal the $100,000 line of credit just before you sell the house. Now I would like to know is it a $50,000 gain since the sale is paying off the mortgage and line of credit.
DWhat is the name of your state?
My question is:
If you sell an investment property and you have a capital gain $150,000, I know you can do a 1031 delay, but you also have a line of credit lets say for example of about $100,000 and you sell for $250,000. You withdrawal the $100,000 line of credit just before you sell the house. Now I would like to know is it a $50,000 gain since the sale is paying off the mortgage and line of credit.
DWhat is the name of your state?