Does Paying Off HELOC Affect Capital Gains?
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The short answer to your question is that the home equity line of credit is unrelated to the potential capital gain or loss on the sale of your home. To calculate the gain or loss on the sale of your property, you take the gross sales price less your selling expenses to calculate the total amount realized. The next step is to subtract your “adjusted basis” to determine the gain or loss on the sale.
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The short answer to your question is that the home equity line of credit is unrelated to the potential capital gain or loss on the sale of your home. To calculate the gain or loss on the sale of your property, you take the gross sales price less your selling expenses to calculate the total amount realized. The next step is to subtract your “adjusted basis” to determine the gain or loss on the sale.