We are selling a home we have lived in for 13 months because we inherited a home. We put a $50k down payment on our house. We are not looking to make a profit, just break even. We know we will pay capital gains tax on the profit we make from the sale. But do we have to pay anything on our equity? (The $50k down payment).
Expert Reviewed
Sorry. The down payment and mortgage balance doesn’t figure into it. Simply sales price - cost is the gain or loss.
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