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Cash out refinance-do you pay capital gains
I just cash out refinanced a rental home so I could buy a partner out of the property. I was the only person on the loan to start with, and I am the only entity on the loan now. I paid the partner out-does he pay captial gains tax on the earnings? My understanding is no taxes to pay. Any advice welcome. (by the way I wrote my CPA, but he is out of town for the long weekend)