If your house is like some other, there’s one thing that wants repaired or refinished. Eva Rosenberg , an enrolled agent who maintains the location, warns of a typical problem she sees in states like New York and California, the place prices have risen a good bit. Folks borrow towards their homes, spending the money and draining the equity. Then, when they sell and obtain, say, $50,000 after repaying their mortgage and home equity loans , they suppose that’s their capital gain. But it surely isn’t, and typically their tax invoice is actually much greater than that $50,000.
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