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rsonthefarm · Joined: 16 Sep 2009 Posts: 1 1.32 Dollars($)

If I sold a mortgage with a purchase price of $68,000 and I owe $68,000 and sold the property for $150,000.
What would be my profit or gain.

What if the same mortgage was purchased for $68,000 but I owed $130,000 on it and sold it for $150,000.

How would this affect the capital gain and/or my bottom line profit?

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1731 35.55 Dollars($)

You mkae 20K in second case and you make a profit of 82K in first case exlcuign any expensess

and this is taxable if you donto use it to buy another house with in certain time

leeelliot61 · Joined: 13 Sep 2009 Posts: 188 0.01 Dollars($)

yes. you are earing profit or making capital gain in both the cases. you need to reinvest it immediately in long term equities within current fy yr. otherwise you are required to make payment of taxes

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1731 35.55 Dollars($)

I think ti is shorter than current fincaial year, ti is with in 6 months you need to reinvest

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