Posted by DavidV on November 14, 2000 at 14:24:02:
Actually your assumption is the same as the poster’s. Not sure of the question he was replying to but it was probably something like " If i buy a property for 60k and put 10k in it my basis is 70k. If i refi for 80k is 80k my new basis and is the difference of 70k and 80k free money"? The poster is merely pointing out that a refi doesn’t change the basis, try re-reading the post with the hypothetical question above, i’m sure it is close to the original questin. If it’s not close i’ll e-mail you an official disclaimer with a lot of lawyer words.