Posted on: 23rd Nov, 2009 11:29 am
I refinanced my home this year and took out 35,000 out. Will I need to pay taxes on this money?
Hi andreatijerina!
Welcome to forums!
As far as my knowledge is concerned, the money you receive from the cash out refinance will not be considered as a gain as long as you still own the home. The proceeds of the loan is not considered as an income, so, you won't be liable to pay taxes.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As far as my knowledge is concerned, the money you receive from the cash out refinance will not be considered as a gain as long as you still own the home. The proceeds of the loan is not considered as an income, so, you won't be liable to pay taxes.
Feel free to ask if you've further queries.
Sussane
>>Will I need to pay taxes on this money?
No
No
it will be based on your current yr cash flow. 35K will not be considered for tax calculation. any long term/ short term gain which has resulted due to transaction will be considered for tax calculation