Tax Impact of Cash-Out Refinancing?

Question

I did a "cash-out refinancing" my home several months ago. What is the tax impact on the cash that I received (if any impact at all)?

Answer 1

I assume the question is, "do I owe income taxes on the money I received by doing a refin?"

No. It's not income. In fact, it's a loan and in 99% of the cases, you will get to deduct the interest on your income taxes.

Answer 2

None,.as you have to pay it back.