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Are cash out loan proceeds taxable

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Guest	Posted: Mon Oct 05, 2009 9:48 am    Post subject: Are cash out loan proceeds taxable Like 0 Dislike 0 Are cash out loan preceeds taxable?
jenkin7 Joined: 04 Jun 2007 Posts: 4537 Location: Hawaii 728.43 Dollars($)	Posted: Tue Oct 06, 2009 1:30 am    Post subject: Like 0 Dislike 0 Hi Guest, As far as I know, the proceeds from the cash-out refinance is not taxable. You are free to spend the money in whatever way you want. However, if the property is being exchanged and the cash-out refinance is done as a part of the exchange transaction, the proceed will be considered as your income. In that case, you will owe taxes on the cash-out amount. You can check out a similar discussion on the following page: http://www.mortgagefit.com/discuss/refinance-taxable.html .

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