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river041
Level 2
January 26, 2022
Question

Home refinance

  • January 26, 2022
  • 1 reply
  • 0 views

We refinance and we received 3 different 1098 forms.  We had a HERO loan for the house and we had that paid off with the refinance. Is that considered as a cash out? 

    1 reply

    R
    RobertB4444
    Level 15
    January 26, 2022

    If your new mortgage was larger than your old mortgage so that you could take cash out of the new loan to pay off debt then yes, that's a cash out.

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    R
    river041Author
    Level 2
    January 26, 2022

    It was a “lien” on the house, it’s stated as a 2nd mortgage loan. Still a chashout? 

    DaveF1006
    DaveF1006
    Level 15
    January 26, 2022

    Yes, it is still considered a cash out and the interest is not deductible since the loan was not used to improve your home. 

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