Need HELP with refinance knowledge

[lepetitangel]

Thanks guys.

I’m talking about tax I have to pay when I sell the property, not property tax.

I’m just afraid that if we refi at $260K our cost basis will turn into $260K. But I think it’s right that it depends on your purchase price ($400K) but not the refi price ($340K).

thanks.
lepetitangel

[UCGal]

[quote=lepetitangel]Thanks guys.

I’m talking about tax I have to pay when I sell the property, not property tax.

I’m just afraid that if we refi at $260K our cost basis will turn into $260K. But I think it’s right that it depends on your purchase price ($400K) but not the refi price ($340K).

thanks.
lepetitangel[/quote]
You paid 400k for the condo. That’s your cost basis. You could have paid cash and financed zero… It’s still a 400k purchase. Refi w/no cash out does not effect the cost basis – just how you are paying for it.

[UCGal]

[quote=lepetitangel]Thanks guys.

I’m talking about tax I have to pay when I sell the property, not property tax.

I’m just afraid that if we refi at $260K our cost basis will turn into $260K. But I think it’s right that it depends on your purchase price ($400K) but not the refi price ($340K).

thanks.
lepetitangel[/quote]
You paid 400k for the condo. That’s your cost basis. You could have paid cash and financed zero… It’s still a 400k purchase. Refi w/no cash out does not effect the cost basis – just how you are paying for it.

[UCGal]

[quote=lepetitangel]Thanks guys.

I’m talking about tax I have to pay when I sell the property, not property tax.

I’m just afraid that if we refi at $260K our cost basis will turn into $260K. But I think it’s right that it depends on your purchase price ($400K) but not the refi price ($340K).

thanks.
lepetitangel[/quote]
You paid 400k for the condo. That’s your cost basis. You could have paid cash and financed zero… It’s still a 400k purchase. Refi w/no cash out does not effect the cost basis – just how you are paying for it.

[UCGal]

[quote=lepetitangel]Thanks guys.

I’m talking about tax I have to pay when I sell the property, not property tax.

I’m just afraid that if we refi at $260K our cost basis will turn into $260K. But I think it’s right that it depends on your purchase price ($400K) but not the refi price ($340K).

thanks.
lepetitangel[/quote]
You paid 400k for the condo. That’s your cost basis. You could have paid cash and financed zero… It’s still a 400k purchase. Refi w/no cash out does not effect the cost basis – just how you are paying for it.

[UCGal]

[quote=lepetitangel]Thanks guys.

I’m talking about tax I have to pay when I sell the property, not property tax.

I’m just afraid that if we refi at $260K our cost basis will turn into $260K. But I think it’s right that it depends on your purchase price ($400K) but not the refi price ($340K).

thanks.
lepetitangel[/quote]
You paid 400k for the condo. That’s your cost basis. You could have paid cash and financed zero… It’s still a 400k purchase. Refi w/no cash out does not effect the cost basis – just how you are paying for it.

[lepetitangel]

Thanks again.

[lepetitangel]

Thanks again.

[lepetitangel]

Thanks again.

[lepetitangel]

Thanks again.

[lepetitangel]

Thanks again.

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