We refinanced our house and took some cash to pay down debt. Where do I put this money

icehawks31 · ‎June 4, 2019

KatrinaB · ‎June 4, 2019

Money from refinancing your home is not considered taxable income and does not need to be reported on your tax return.

You will not be able to deduct the portion of mortgage interest related to the portion of the loan that was not used to buy, build, or improve your home. Please view the TurboTax FAQ below for more information.

https://ttlc.intuit.com/replies/3300473

View solution in original post

KatrinaB · ‎June 4, 2019

Money from refinancing your home is not considered taxable income and does not need to be reported on your tax return.

You will not be able to deduct the portion of mortgage interest related to the portion of the loan that was not used to buy, build, or improve your home. Please view the TurboTax FAQ below for more information.

https://ttlc.intuit.com/replies/3300473

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We refinanced our house and took some cash to pay down debt. Where do I put this money