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khowden
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I have a rental property thinking of selling. Gains would be around $100k. If I apply gains to my current mortgage, does it negate any taxes due?

 
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1 Reply

I have a rental property thinking of selling. Gains would be around $100k. If I apply gains to my current mortgage, does it negate any taxes due?

If I apply gains to my current mortgage, does it negate any taxes due?

No.  What you do with gains is not relevant.  You will owe capital gains on the sale of the rental property.

 

Unless you do a section 1031 exchange by purchasing another rental property, then the gains will be deferred.

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