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Is the cash taxable that I receive in a cash back refinance of a rental home I own?
I am refinancing a rental home I own and taking cash out. Is that cash taxable?
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July 26, 2020
6:25 AM
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Investors & landlords
The cash back you receive from a refinance is not taxable income.
July 26, 2020
6:28 AM
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Investors & landlords
No. It's not taxable.
However, if you did not use the cash out money to improve the rental property that secures the loan, you can not claim or deduct the interest on it.
July 26, 2020
6:42 AM