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Old 10-13-2014, 01:39 AM
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Join Date: Oct 2014
Posts: 2
Not sure how to calculate income

The real scenario is more complicated than this but
Hypothetically, if I:
borrowed $20k to purchase a renovation property that costs $50k
spend $20k on the renovation
sold it for $100k
repaid $20k loan
Do I deduct the repayment loan amount to get to my net income? Is my net income $10k or $30k?

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