Welcome to the MDTAXES Message Board

The MDTAXES Network is an affiliation of CPAs that specialize in the tax planning and preparation for young health care professionals.  Please leave your questions or comments for our CPAs, who visit the message board regularly, or review the answers, suggestions and ideas posted in response to your colleagues' questions.

Please check out our other Message Boards available at www.FindAGoodCPA.com.

Please note: We are NOT affiliated with the Maryland Tax Department. If you're looking for information about Maryland income taxes, go to www.marylandtaxes.com.

Return to Website  > Index  > General Tax Issues  > Original MDTAXES Forum  > Re: cashing out on primary residence ...
Recent Posts
 
Original MDTAXES Forum
Start a New Topic 
Author
Comment
View Entire Thread
a
Andrew Schwartz CPA
Dec 18, 2003 - 6:02PM
Re: cashing out on primary residence and converting it to a rental

Taking a mortgage out on a property that is fully paid off is not a taxable event.

If she were to sell her property, and use the proceeds to purchase a new property, then she might get hit with a tax bill. However, if she were selling her principal residence, and the gain realized was less than $250,000 ($500,000 if she is married), then she wouldn't be taxed, subject to certain other conditions.

Zip Code: cpa@mdtaxes.com

Return to Website  > Index  > General Tax Issues  > Original MDTAXES Forum  > Re: cashing out on primary residence ...