Open TurboTax

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
Still need to file? Our experts can get your taxes done right. Get started >
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

cancel
Showing results for 
Search instead for 
Did you mean: 
brewgirl68-gmail
New Member

We just refinanced my boyfriends home & added me to the mortgage. We consolidated some debt & got a $40k check to pay the debts. Will this count as income for both of us?

 
4 Replies
DoninGA
Level 15

We just refinanced my boyfriends home & added me to the mortgage. We consolidated some debt & got a $40k check to pay the debts. Will this count as income for both of us?

A Cash Out refinance is not reported as taxable income on either of your tax returns.

VolvoGirl
Level 15

We just refinanced my boyfriends home & added me to the mortgage. We consolidated some debt & got a $40k check to pay the debts. Will this count as income for both of us?

No loan proceeds are not income.  

Mike9241
Level 15

We just refinanced my boyfriends home & added me to the mortgage. We consolidated some debt & got a $40k check to pay the debts. Will this count as income for both of us?

something else to be aware of. interest on the portion of the refi over and above the previous mortgage will not be deductible since it appears it was used for personal purposes.  

Carl
Level 15

We just refinanced my boyfriends home & added me to the mortgage. We consolidated some debt & got a $40k check to pay the debts. Will this count as income for both of us?

Borrowed money is not your money. Never was, is not now and never will be. (Unless you default on the loan.) Therefore nothing concerning that money is reported on your tax return.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
message box icon

Ready to start your taxes?

Hand off your taxes, get expert help, or do it yourself.

See Pricing
Manage cookies
v
ABCDEFGHIJKLMNOPQRSTUVWXYZabcdefghijklmnopqrstuvwxyz0123456789-_~