What percent of money should I save for taxes after refinancing my home and receiving cash back?

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What percent of money should I save for taxes after refinancing my home and receiving cash back?

2007-08-22 05:51:41 · 4 answers · asked by lzhays 2 in Business & Finance ➔ Taxes ➔ United States

4 answers

None. It's a loan, and you don't pay taxes on money that's loaned to you - you have to pay the money back to the lender, so even the cash you took out is not taxable income.

2007-08-22 05:59:31 · answer #1 · answered by Judy 7 · 1⤊ 0⤋

Nothing. refinancing your home does not result in any taxable income to you. All you are doing is borrowing money, which is not a taxable event.

2007-08-22 06:14:17 · answer #2 · answered by Anonymous · 1⤊ 0⤋

The money you recieve from a cash out refinance is not taxable money, so you will have no tax obligation from it.

2007-08-22 06:00:54 · answer #3 · answered by justin b 1 · 1⤊ 0⤋

figure 10% maybe, just in case something has to fixed or whatever

2007-08-22 05:55:42 · answer #4 · answered by Anonymous · 0⤊ 1⤋