Do you have to pay taxes on cash recieved from remortgage?

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Do you have to pay taxes on cash recieved from remortgage?

2007-07-15 16:08:35 · 4 answers · asked by dugan 2 in Business & Finance ➔ Taxes ➔ Other - Taxes

4 answers

You mean you re-financed your place? You don't pay any taxes, because the money you got is looked at as a loan you are repaying, and not a sale where you would be taxed accordingly. Until you sell your place, the only tax you pay on your home is your property tax.

2007-07-15 16:18:58 · answer #1 · answered by J k 3 · 1⤊ 2⤋

If you received cash after a cashout refi, you will not have to pay taxes on the money because you have to pay the money back.

2007-07-15 16:17:00 · answer #2 · answered by Wayne Z 7 · 3⤊ 0⤋

ask an accountant

2016-05-18 22:30:16 · answer #3 · answered by josefina 3 · 0⤊ 0⤋

2007-07-15 16:10:39 · answer #4 · answered by John M 7 · 2⤊ 0⤋