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Reply to "Upgrade house or pay off?"
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[quote=Anonymous][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] OP here. Thanks! As I said, it's a SMALL consideration, but one that has crossed our minds if we stay in the house and pay it completely off. Of course, we'll save receipts for work done, but it's unlikely we'll have enough work done to raise the cost basis enough that we won't owe something. Anyway, small potatoes I suppose compared to the rest of the factors in the decision process. [/quote]
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