Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Mar 18, 2024 4:06:57 PM

Cashout

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?

0 1 865
1 Replies
Level 15
Mar 18, 2024 4:32:00 PM

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