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moonpetty58
Level 4
February 12, 2023
Question

T/p refinanced 425,000.00 home of 425,000 for a lower interest rate and cashed out the equity of 28,000. Home still remains at 425,000. Is the 28,000.00 taxable?

  • February 12, 2023
  • 3 replies
  • 17 views
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3 replies

Skylane
SkylaneIntuit Community Champion
Intuit Community Champion
February 12, 2023

No

If at first you don’t succeed…..find a workaround
    T
    TaxGuyBill
    Level 15
    February 13, 2023

    But if they took 'cash out' for things other than improving the home, then the deduction for mortgage interest must be prorated.

      dascpa
      dascpa
      Level 11
      February 13, 2023

      Original loan as paid down, and as stated by someone else, increased only if for improvements to the residence.

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