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Personal Finances / Buying or Selling a Home

URL:  http://boards.fool.com/taking-equity-out-19781250.aspx

Subject:  Taking equity out Date:  10/29/2003  8:51 PM
Author:  rbansali Number:  60453 of 127805

I wanted to know if this was true:

If I have a house that I bought for $40K
I take $40K out in an equity loan.
I sell the house for 100K.

Would I only be taxed on the $20K ($100K - $80K) remaining?

rkb
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