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Brett
You loose all of your income tax deductions, if that is what you are talking about. They may give you the rate, but that does not change tax law.
You don’t pay your capital gains until you sell. This mortage again doesnot protect you from paying your fair share.
The only way to avoid CG for you would be to do an exchange instead of a sale.
Virginia
I would think that you would be able to gain the same or more interest in a second mortgage.. I mean think about all those flippers out there.. They get the interest and then some.. I was told when we bought our home there was a seven year penalty. Meaning if we were to sell the home before that time was up than we would loose all or some of the gain.. I bought a 4/2/2 for only $40,000 and have had it for a little over a year… It now is up to $56 with hardly any work add to the home.. I think you might want to go talk to you’re broker and see what they say..