Question by : Is the cash out of a mortgage refinance taxable?
I am buying a foreclosure and refinancing to pull cash out to update the house. I will be under the current appraised value but I am worried about tax ramifications when pulling out the refinance money because I have not owned the house 2 years.
Any help would be great. Thx
Answer by v b
Only if you don’t pay it back.
The interest related to this money is added back for AMT purposes.
Add your own answer in the comments!