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by Maynerd on February 6th, 2006

Maynerd

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If I bought a house one year ago and sold it to my renters for the remaining loan amount (less than my purchase price), would I have to pay capital gains?

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  • by Glenn Blaylock on February 8th, 2006

    Glenn Blaylock

    If I am reading this correctly, then it sounds as if what we have here is a capital loss. You took out a loan to buy a house. I assume that you had to also make a down payment monthly payments for the past year. You then sold the house for the remaining value of the loan. This means that you lost the money that you already paid on the house. Therefore, what you have is a capital loss rather than a capital gain. Capital losses are often tax deductible. Now, I am not a tax professional. So, you should check with someone who is to make sure that I am correct in this.

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