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The church I worked for loaned me money towards the purchase of a home in 2015, can I deduct this amount from the gain I received on the sale of the house?

 
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Coleen3
Intuit Alumni

The church I worked for loaned me money towards the purchase of a home in 2015, can I deduct this amount from the gain I received on the sale of the house?

No, borrowed funds would be treated the same way a mortgage would be; it would not be considered at all. The gain is the difference between adjusted basis and sales price. 

Basis is cost and if you made any improvements to the home, you can adjust the basis (increase) by the amount paid for the improvements.

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Coleen3
Intuit Alumni

The church I worked for loaned me money towards the purchase of a home in 2015, can I deduct this amount from the gain I received on the sale of the house?

No, borrowed funds would be treated the same way a mortgage would be; it would not be considered at all. The gain is the difference between adjusted basis and sales price. 

Basis is cost and if you made any improvements to the home, you can adjust the basis (increase) by the amount paid for the improvements.

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