topic Is the cash taxable that I receive in a cash back refinance of a rental home I own? in Investors & landlords

Is the cash taxable that I receive in a cash back refinance of a rental home I own?

sjp2672map — Sun, 26 Jul 2020 13:25:20 GMT

I am refinancing a rental home I own and taking cash out. Is that cash taxable?

DoninGA — Sun, 26 Jul 2020 13:28:31 GMT

The cash back you receive from a refinance is not taxable income.

Carl — Sun, 26 Jul 2020 13:42:15 GMT

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.