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If I borrow money to help purchase investment property, then later sell the property and paid the money back, would I report the full amount of the sale? Or the net sale?
I borrowed money from a family member to help with the down payment. When I sold the property, I gave the full amount back, no additional interest. I am trying to figure out if I can deduct the amount I paid back to reduce my capital gain since those funds were borrowed.
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‎June 1, 2019
10:01 AM