is the cash you get from a refinance taxable?

Answer 1

No.

Cash from a refinance is proceeds from a loan. This is not taxable. On the contrary, the interest you pay may (or may not) be tax deductable depending on what the collateral is (is it a house?).

Answer 2

Nnamsco is about as far off as you can possibly be. The only time proceeds from a loan would be considered income to the recipient is if that recipient defaults on the loan, and the debt is forgiven (except if the person is in bankruptcy, of course).

Answer 3

reliable information - both solutions above are likely incorrect. :) in case you've lived contained in the living house as your efficient position of living for 2 out of the previous 5 years, then you truthfully qualify for an exemption from as a lot as $250,000 of capital advantageous residences from the sale of that efficient position of living. you may attempt this each and every 2 years, once you're so vulnerable. As for stop claiming the valuables on your brother, i'd probable have him get the non-public loan then purchase the valuables from you - that keeps it above board. in the different case, the lender, in the journey that they discover out you've stop claimed the living house out of your call, will call the note due on the prompt (the Due on move clause) and think ofyou've got to pay it off in the present day, not each and each and every time your brother can get a private loan on it. verify inclusive of your close by identify agency, and inclusive of your CPA, at the proper thanks to attempt this. best of tremendous fortune!

Answer 4

No. Some of those high fees you paid might be deductible.

Answer 5

yes, it is taxable. refinancing is the same as reinvestment. and reinvestment is additional investment on the investment you already have. so any profit you generate from it is taxable in the United States of Ameria Law.

Answer 6

No; borrowed money is not income.