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Reply to "Upgrade house or pay off?"
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[quote=Anonymous]OP, my understanding of the capital gains is that it's only profit that counts. So if you bought your house for $450k and it's now worth $950, then yes, you might be subject to it. But if you bought your house for $650 and have paid down $200k of mortgage, you're only at $300k in capital gains. In other words, it's not about the amount of equity you have in the house but the current resale value as compared to the price you paid for it.[/quote]
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