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Perhaps you'll know but hopefully soon I'll just be able to ask my credit union...but they may not know either as the mortgages lenders aren't on-site to ask.
But I'm wondering, let's say your house cost you $150K. You put in $25K in a home equity loan.
Your neighborhood can support reselling your home at $175K no problem.
But when you go to sell, and you have that extra profit, obviously you pay off the additional home equity loan and then enjoy any balance you might have (ie put towards another home).
But when it comes to filing your taxes for that year if you sold your home for 175 but bought for 150 does it allow for noting that HEY I put 25K in a home equity loan into the home, that extra 25K "earned" was not profit!
I know if you pay cash for your improvements as we've also done you don't get to deduct that as expenses from your resale value so just wondering how this may work/be different for home equity loans?
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