Is the money from a home refinance taxable?

Answer by  zippythepinhead (46)

No, the monies you receive from refinancing your home are considered proceeds from a loan and are not taxable. This applies to taking out a second mortgage or a home equity loan as well.

Answer by  Kurt (4579)

Refinancing your home is not taxable income. You took out a loan on the value of your house. This is money you will have to pay back.

Answer by  slkunz2003yahoocom (836)

No, a home refinance is not earned income, it is a loan that you will be paying back with interest. However, the interest you may be deducted if you itemize.

Answer by  Mike39 (320)

No, you absolutely don't have to pay any taxes on the money you receive from a home refinance because this is not something you earn - you are just using your own home equity which means this is just a loan from a bank, same like a car loan, for example.

Answer by  tamarawilhite (17883)

No. This is money is a debt, with your home as the collateral. It would only be taxable income if you sold the house for more than was owed on it.