If i did a cash out refi on my home, where i took $25k for debt and Turbo Tax is asking if i used the loan for anything besides paying off existing loan, how do i answer?

Charger345hemi · ‎January 28, 2025

I made no home improvements with the money. Just paid off some debt.

DavidD66 · ‎January 28, 2025

If this is the 1098 for the new loan with the cash out, you should answer Yes to "Did you use your loan for anything besides paying off the existing loan?" On the next screen with "Have you used the money from this loan exclusively on this home?" Answer No. Your answers to the remaining questions will depend upon whether or not you did the refi in 2024 and whether or not this it is for the loan you paid off or the new refi cash out loan.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

Expert does your taxes

Do it yourself

Resources

Support

If i did a cash out refi on my home, where i took $25k for debt and Turbo Tax is asking if i used the loan for anything besides paying off existing loan, how do i answer?