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Updated about 1 year ago on . Most recent reply

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J Corona
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Buying & Selling Real Estate

Cash out refi rental then sell. Taxes owe?

J Corona
Posted

Cash out refi than Selling: I have a rental property I owe 60k, appraised 220k, I can get 168k cash out and pay off the 60k to have 108k in cash… now if I turn around and sell for 240k. Do I owe taxes on only the difference of 240k minus 168k = 72k? Or do I owe taxes on 240k minus - 68k = 172k ? 

Owe taxes on $72k or $172k ?

Houston, Texas
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Rick Pozos
  • Wholesaler, Rehabber and Landlord
  • from San Antonio, TX
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Rick Pozos
  • Wholesaler, Rehabber and Landlord
  • from San Antonio, TX
  • Member since Nov 3, 2014
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Rick Pozos
  • Wholesaler, Rehabber and Landlord
  • San Antonio, TX
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Rick Pozos
  • Wholesaler, Rehabber and Landlord
  • San Antonio, TX
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The loan you have on the property has nothing to do with your profit or taxes that you pay when you sell. 

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