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Personal Finances / Buying or Selling a Home
|Subject: Taking equity out||Date: 10/29/2003 8:51 PM|
|Author: rbansali||Number: 60453 of 128371|
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?
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