Question about selling home with 2nd mortgage and buying a new one?

Tips and Deals Forums Buying Your Home Buying Your Home Question about selling home with 2nd mortgage and buying a new one?

Viewing 0 reply threads
  • Author
    Posts
    • #346055
      Anonymous
      Inactive

      My husband and I are contemplating buying a new home. We have only owned the one we have now for 1 year. We also have a second mortgage. My question is – will the proceeds first be used to pay off the second mortgage before they would be subject to capital gains tax? What happens if we don’t get enough in the sale of our home to pay off the second mortage completely? If we have money left over, what can we do to avoid the capital gains tax on it?

Viewing 0 reply threads
  • You must be logged in to reply to this topic.
Register New Account
Reset Password