The equity is from the gain from past homes. I need the money to pay off debt and will not be buying another home. If the money is taken out as a second mortgage but repayed late this summer when I decide to sell the home and move into another home we own, will it be subject to capital gains tax?
Orignal From: If I get a home equity loan do I have to claim the money as capital gains if I sell it and don't buy another?
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