CAN I USE THE PROFITS FROM THE SALE OF INVESTMENTS REQUIRED TO REPAY A MORTGAGE LOAN TO AVOID CAPITAL GAINS?

I not long ago sole an investment skill with the win as well as if I have income in the home-equity line to compensate behind my principal residence, I compensate taxes to use them?

{ 3 comments… read them below or add one }

Wayne Z May 19, 2010 at 1:04 pm

Yes, you will have to pay taxes.

The only way to postpone taxes on an investment property is to exchange it for another investment property. The above transaction does not qualify.

dillon Y May 19, 2010 at 1:14 pm

YES you will.

Sell some stocks, bonds or other capital assets before the end of the year that will generate a taxable loss that can be used to offset the taxable profit from the investment property.

Judy May 19, 2010 at 1:24 pm

Yes, you’d still have to pay tax on your investment gain.

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