Posted by dealmaker on March 18, 2006 at 21:30:17:
Nope, your gain is still $200K. Financing has NOTHING to do with gain. If it were that easy EVERYONE would refinance for FMV prior to selling and reduce their tax liability to ZERO.
dealmaker
Tax Questions-Refinance related - Posted by Fred
Posted by Fred on March 18, 2006 at 21:19:57:
I am confused how refinancing the property affects the adjusted basis. For example:
Adjusted basis-100,000
Adjusted Sales Price-300,000
Realized Tax Gain-200,000
Now say I took cash out of the property in the amount 50,000. Is my realized gain $150,000 instead of 200K?