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Re: Refi and Cap GainsIn Reply to: Refi and Cap Gains posted by Alfred -- Trainee on March 15, 2004 at 6:17 PM
: Hi Ward, Nice try. You will have to pay cap gain tax on the profit amount realized between your original buying cost and your selling price minus improvements. Technically you are suppose to pay cap gains even if the refi amount goes above the purchase price, but alot of people get away with this one. Of course if you do a 1031 exchange into other like kind income property you can avoid cap gain tax.
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