Hello,
I purchased my primary home back in 2009 taking roughly around $515K loan under FHA program and subsequently I refinanced a few years later to get rid of PMI as the home value went up. I did one more refinance to reduce the rate and in 2016 when my principle was around $430K, I did a cash out refinance. After cashout refinance the new loan amount was around $625K. My intention was to purchase second home with the money I cashed out. However, that plan did not work out and the money stayed in the bank until end of 2019 when I was finally able to purchase second property.
Although my intent was to purchase second property back in 2016 it didn't happen but it happened eventually in 2019 what would be the tax repercussions of this, if there are any? Is there something I need to do? if yes, what and how?
Thank you.
