I have an investment property, will a HELOC on the property reduce my amount of capital gains to pay once the home is sold. The home is paid off. Thank you for your help.

posted

Connect with an expert

2 Replies

No.

Profit is proceeds - cost basis.

mortgages don't count.

@vzombek the capital gains is based on the ASSET (the home); a mortgage is a liability and is not part of the equation,

Still have questions?

Questions are answered within a few hours on average.

*Must create login to post

Do you have an Intuit account?