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Level 1
March 18, 2024
Question

Cashout

  • March 18, 2024
  • 1 reply
  • 14 views

I refinanced me home last year for more than the original mortgage. I took a cashout to pay off my credit cards and some unsecured loans. I want to know what I have to do as far as filing my income taxes?

1 reply

Level 15
March 18, 2024

You don’t have to do anything but refrain from deducting any interest you pay on the cash out.