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barbsanderson44
New Member

I REFINANCED MY HOME AND TOOK OUT ABOUT $20K IN EQUITY TO BUY A CAR. dO i HAVE TO REPORT THAT AS INCOME?

 
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ToddL
New Member

I REFINANCED MY HOME AND TOOK OUT ABOUT $20K IN EQUITY TO BUY A CAR. dO i HAVE TO REPORT THAT AS INCOME?

No, proceeds from a loan are not considered income and are not reported on your tax return.

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ToddL
New Member

I REFINANCED MY HOME AND TOOK OUT ABOUT $20K IN EQUITY TO BUY A CAR. dO i HAVE TO REPORT THAT AS INCOME?

No, proceeds from a loan are not considered income and are not reported on your tax return.

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