Compare Mortgage Quotes

Guest

I bought 10 acre 10 years ago for $50,000. built a barn and driveway for $40,000 when I refinanced. I deducted the morgage interest on income taxes. If I sell will I have to pay taxes on profit? what if I use money to buy a primary residence or rental property?

dipaligopale · Joined: 25 May 2010 Posts: 790 22.70 Dollars($)

Hi guinness,

Welcome to mortgage fit,

Instead of directly selling it, you can prepare a trust then quitclaim your property to the trust and then sell it from trust so that you may save enough amount on taxes.

I think you should take guidance from a financial expert on this topic regarding saving on taxes.

DIPA

Company	Loan Type	APR	Est. Pmt.
				Go
				Go
				Go
				Go
				Go
				Go

Compare Mortgage Quotes

property tax

Financial Tools

Our Community

Community Rewards

Property State:
Property Type:
Credit Rating:

All times are GMT - 7 Hours

Page 1 of 1