I really have no income, I'm a student, but I did sell and buy a home,, since it was a cheaper home I made $

Question

I did make $75,000 on the sale but the first house was sold for less than I bought it for. I also refinanced my mortgage and pulled out $33,000 cash (of course has to be paid back) Is all this considered income when doing my taxes? Money from home, money from cash out loan??? I have used the cash for living expenses. I am 55 and in the process of filing disability, if that matters.

Answer 1

If you lost money on the sale of a house, that is not a capital gain and may be deductible. Taking money out on a refi is also not income and the interest you pay on the loan is also deductible.