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Calculating my tax liability (capital gains) when I sell my house
In 2016 I bought property/house and in 2020 I took out a HELOC and in 22 converted to a fixed rate home equity loan. I believe I cant count the basis of the HELOC on capital gains but can I deduct the home equity loan? The pay off is coming out of the proceeds of the sale and I’d like to have it count towards offsetting my capital gains .
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June 13, 2023
11:03 AM