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Megan C
Megan C , Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 16539
Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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if we reposed a home we were holding a mortgage on can we

Resolved Question:

if we reposed a home we were holding a mortgage on can we sell it again and take the price we reposed it at and pay capital gain on the difference
Submitted: 2 years ago.
Category: Finance
Expert:  Megan C replied 2 years ago.

Megan C :

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Megan C :

How are you today?

Megan C :

If you repossess a house, your basis in the house is the price you repossess it for.

Megan C :

If you are to subsequently sell the property you would pay capital gains tax on the difference between the new sales price and the amount you repossessed it for.

Customer:

thank you

Megan C :

You're welcome

Megan C :

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Expert:  Megan C replied 2 years ago.
Thanks, XXXXX XXXXX the opportunity to assist you today. If you would, please take a moment to rate my response as "excellent" as this is how I receive credit for assisting you today. If you have further questions, please reply below. Thanks again.

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