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Kileigh_worriedteen
Joined: 08 Dec 2005
Posts: 6
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 Posted: Fri Jun 08, 2007 8:45 am Post subject: Tax Impact of Cash-Out Refinancing? |
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| I did a "cash-out refinancing" my home several months ago. What is the tax impact on the cash that I received (if any impact at all)? |
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acermill7225
Joined: 14 Jan 2004
Posts: 7
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| Posted: Mon Jun 25, 2007 10:26 am Post subject: Tax Impact of Cash-Out Refinancing? |
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| I assume the question is, "do I owe income taxes on the money I received by doing a refin?"No. It's not income. In fact, it's a loan and in 99% of the cases, you will get to deduct the interest on your income taxes. |
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lenb
Joined: 24 May 2006
Posts: 7
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| Posted: Thu Jul 12, 2007 12:07 pm Post subject: Tax Impact of Cash-Out Refinancing? |
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| None,.as you have to pay it back. |
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