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Sale of a second home.
Purchased condo for $200,000.00. Sell for $400,000.00. During the 15 years you own the condo, you pay off the original mortgage, but take out loan against the second home and at the time of the sale, you still owe $100,000.00 on the second mortgage. What do I report as the net profit of the sale??
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‎June 4, 2019
4:24 PM