Posted on: 19th Feb, 2011 06:25 pm
I own just under 6 acres that I purchased 1.5 years ago to build a house on - I have a loan on the property and am still paying. I have since move to Colorado, so I will not be building a home on the property.
I have been asked if I would sell the property for less than I purchased it for. If I sold the property and turned around an payed off the loan, would I still have to pay capital gains tax?
I have been asked if I would sell the property for less than I purchased it for. If I sold the property and turned around an payed off the loan, would I still have to pay capital gains tax?
I am not a tax person but if you lose money on the transaction there is no gain to be taxed on?