The old mortage balance was 80k and we refinanced with cash back for 70k to buy some land and payoff some bills. Do you have to pay taxes on the cash even though we now have a higher mortage loan repayment amount?
2007-02-02 13:04:52 · 4 answers · asked by Arctic 1 in Business & Finance ➔ Taxes ➔ United States
No. It is a loan and not taxable.
2007-02-02 13:53:49 · answer #1 · answered by Anonymous · 0⤊ 0⤋
it truly is an outstanding answer for effective, yet a poor answer for you. to flow from a 7 % to an eleven % loan and get into even extra debt makes no experience. you may make a counter grant to effective, yet they'll probable no longer evaluate it. you should grant: Refinance the present loan with a 30 year fixed fee 6 % loan, funds out $7,000 to pay off the automobile and lengthy island tax and positioned a $3,000 reserve in a economic employer lower price costs account. no better than a million element for the refinancing, rolled into the hot loan. you may want to flow as intense as 7 % because refinancing may stay away from the balloon price. you do not say even as the balloon is due nor do you provide the quantity of the present loan, so i am going to't recommend you on the perfect plan of action.
2016-11-24 20:12:24 · answer #2 · answered by Anonymous · 0⤊ 0⤋
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2014-07-17 03:27:46 · answer #3 · answered by Anonymous · 0⤊ 0⤋
It's a loan, not taxable income.
2007-02-02 13:08:26 · answer #4 · answered by Judy 7 · 1⤊ 0⤋