California | Bankruptcy
10/05/06, 2:21 pm
Legal Question
can capital gains tax be included in Ch 7?
I purchased my house in 2001 for 205k.
I did a refi in 2004 and pulled out 70k cash.
My house is presently valued at 380k, with about 100k in equity.
If I sell my house, and give whatever remains above 50k to creditors, and do not purchase another house, I know I will have capital gains tax based on $175k profit. Can that tax be included in the chapter 7 BK?
Thanks very much.
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Read More Answered By: Gloria Gong |
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