Cash Back Refi - How Taxed?
I got 11,000 back on a refi for a rental property. How is the 11,000 treated for taxation?
Brenda
I got 11,000 back on a refi for a rental property. How is the 11,000 treated for taxation?
Brenda
It's not taxable income because it is loaned money. The tax burden will hit when you sell because your tax basis is from your purchase price, not your loan amount.
Roger
Roger - If I buy a property for $100K, put it into a trust with a LLC as the beneficiary, can I sell the LLC to Joe Shmo for $200K without paying capital gains on anything? Just a curiosity. Z
Zach,No the llc will still be taxed at the llc's owners personal rate.
Quote:
On 2004-03-07 22:32, bgrossnickle wrote:
I got 11,000 back on a refi for a rental property. How is the 11,000 treated for taxation?
Brenda
Brenda,
I'm doing the something very similar to this, how did the rental work out for you?
Maybe you could read my post and tell give me your opinion.
JB
[addsig]