Posted on: 04th May, 2010 11:12 am
I am using my mortgage to consolidate some other debts, but when doing so will I have to claim the extra money from the mortgage as income? Or is there any standards as to what I would have to claim as income and what I wouldn't?
Never! That is the frequency with which you must claim borrowed money as income. You are borrowing money that must be paid back - that's not income. Please don't believe anyone who tells you different.
I should have stated it this way:
NEVER
NEVER