Selling House at a Loss We built and purchased our house in 2003 for $705,000. We took out a first mortgage and a HELOC to purchase it. We presently owe $450,000 on the first and $175,000 on the HELOC. It's worth $550,000. If we sell it for its appraised value, $550,000, we are going to have to come to the table with $75,000. What are the tax implications of this scenario?
Thanks! |