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Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 13316
Experience:  15years with H & R Block. Divisional leader, Instructor
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I have a building that has a lien against it, if I sell it

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I have a building that has a lien against it, if I sell it can the lien money be paid therefore reducing my capital gains tax?

Robin D. :

Hello and thanks for trusting me to help you today. I am a tax adviser with over 15 years of experience.

Robin D. :

Unfortunately no, you can not reduce the sale price by the lien.

Robin D. :

Your gain or loss is determined by the difference in sale and cost. The lien would not be in the calculation.

Robin D. :

A debt against the property, or against you, that is paid off as a part of the transaction or that is assumed by the buyer must be included in the amount realized.

Robin D. :

My goal is to give you excellent service. If you are satisfied, please rate me. If you have follow-up questions on this same topic, use the reply box below. To start a new conversation with me on a new topic request me again.

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