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I have a client that wants to sell his rental and he has a line of credit against it. At closing when he pays off the line of credit can that be used against his capital gains after I add in the depreciation.
I must be reading this incorrectly, because it seems like you are asking if you can decrease taxable capital gains by the cash used to pay off the loan.
I have a client that wants to sell his rental and he has a line of credit against it. At closing when he pays off the line of credit can that be used against his capital gains after I add in the depreciation.
Thank You
Loans against an asset have no bearing on capital gains / losses and only effect cash flow.
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