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I own just under 6 acres that I purchased 1.5 years ago to build a house on - I have a loan on the property and am still paying. I have since move to Colorado, so I will not be building a home on the property.

I have been asked if I would sell the property for less than I purchased it for. If I sold the property and turned around an payed off the loan, would I still have to pay capital gains tax?

brian1 · Posted: Sat Feb 19, 2011 8:10 pm Post subject:

I am not a tax person but if you lose money on the transaction there is no gain to be taxed on?

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