Cash out refi

[nswalnick]

We refinanced our house in 2021 with cash out.  We spent part of the money in 2021, and will spend the remainder in 2022. How do I address this on my taxes?

[Critter-3]

Taking a home equity loan is not income so it is not reported on an income tax return.

Now the mortgage interest will not be fully deductible if you don't use the cash to buy, build or improve the home.