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As for the cash out to pay of debt "no". If you cash-out and sell there are still capital gain issues. The cash-out does not relieve you from those. Other than that.. If you are staying within the value of the home " No ". If you do a loan above the value of you r home, which a far and few between; the only tax implication I am aware of is that the interest accrued up to the value of the home (i.e. you payment minus principle, taxes insurance-mortgage and homeowners) is deductible. Anything above is not. Some states do have different regulations on this also. Best bet refer to a local accountant. This typically would be free advice. Hope this helps.

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โˆ™ 2008-02-06 04:02:45
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Q: Are there tax consequences for cash back on refinancing that is used to consolidate debt?
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Related questions

What are some FHA refinancing options for homeowners?

There are a number of FHA refinancing options for homeowners. These include cash out refinancing and streamline refinancing which allows you to reduce the interest on your home quickly.

What is meant by cash out refinancing?

Cash Out Refinancing refers to a process that banks can offer that will cover the equity in the home above all other fees hopefully leaving the individual with extra cash in hand.

Is it possible to get cash back on a mortgage refinance?

It is indeed possible but you should first determine if refinancing your mortgage will be favorable. You can then apply for a new mortgage after you have decided on the amount of cash that you need.

Where can you find cash out refinancing?

Cash out refinancing can be found on Freddie Mac, Discover, Wells Fargo Auto Finance, US Bank, and Quicken Loans. However, one has to decide if the option is right for them.

How do you renegotiate your mortgage?

{| |- | If your current mortgage has a high interest rate, you're stuck in an adjustable rate mortgage, or you want cash out or to consolidate your debt, the answer to your mortgage problems is refinancing. Mortgage refinancing allows you to pay off the remainder of your existing loan by taking on a new loan with better terms. You can even opt for Debt reduction programs from Freedom debt relief to get out of debt. |}

Describe consequences of your choices to be dishonest?

The consequences of my choices to be be honest will be to pay extra cash.

Which business credit card offers cash back?

There are many different credit cards that offer cash back. Some of the credit cards that offer cash back are Simply Cash from American Express and Ink Cash from Chase.

Where can one go to find out more information on cash out mortgage refinancing?

Among the best places to get more information on cash out mortgage refinancing are Freddie Mac, either a local branch or on their website, Wells Fargo, or your local bank branch offices. Contacting the company that you have your mortgage through will also be very helpful. They will be able to provide you with information and the best options for this.

How can one cash out on Refinance Mortgage?

One may use cash out refinancing on a mortgage buy borrowing equity against the home. The amount needed can be determined from a mortgage calculator such as the one available in TD's website.

How much did b g get for coming back to cash money?

He is not back with Cash Money.

What is refinancing?

Refinancing a loan means that you are essentially paying off your mortgage with a new loan. Refinancing is often used to change your loan from an adjustable to a fixed rate and can be a way to lower your monthly payments or take cash out of your home's equity. The process of refinancing is very similar to getting your original mortgage.

Does HSBC offer credit cards with cash back rewards?

No, HSBC does not offer credit cards with cash back rewards. While their credit cards do offer cash back, it is not a reward and one can be charged a hefty interest fee when requesting cash back.

What are the benefits of a cash back offer?

A cash back offer can benefit you if you purchase the product often. If you get cash back you can use that money on things such as bills or treat you to something nice.

What is the best credit card to use for cash back bonuses?

The Chase Freedom Visa card offers 100 dollars cash back of the first 500 dollars purchased with the card, then 1% cash back after that. The Discover It card offers 1% cash back on all purchases, and 5% cash back in other categories that may change periodically.

In the UK which cash back card offers the greatest percentage cash back?

The American Express Platinum Cash-Back card, Santander Card, Barclay card, and Sainsbury Cash-Back card all offer excellent cash-back percentages in the UK. It should be noted these cards charge an annual fee for usage (around the 25 pound mark).

What all credit cards offer the cash back program?

Almost all credit card companies offer some form of cash back program. Chase bank offers perhaps the most well known cash back programs, with up to 5% cash back for the first 12 months of usage, and up to $3000 cash back.

Where can comparisons of cash back rebates be found?


What exactly is cash back?

Cash back is when you make a purchase with your credit card at a grocery or department store, and you request for the cashier add an amount to your bill and give you that amount back in cash.

How does one get a cash back card?

You can get a cash back card by applying for one. It all depends on what sort of cash back card you are interested in and research is recommended before getting one.

In what situation do we need to cash out our refinance mortgage?

A situation that would require a mortgage refinancing or cash out would be to obtain a better rate or borrow money against the home. The site named Discover has a nice calculator to help with the calculations.

What credit cards offer the best cash back rates?

The top three credit cards that can offer the best cash back rates are; 1) Santander 123 credit card - up to 3% cash back 2) Sainsbury's credit card - 5% cash back. 3) American Express - 5% cash back for 3 months and then 1.25% thereafter.

What companies offer the lowest refinancing rates?

HSBC offers low refinancing rates. One maybe wants to lower his interest rates and save money every month. Or one might want extra cash for remodelling or renovating his home. Or maybe the child is ready to attend college.

How do i cash my cash back rewards?


Is cash-back from purchases taxable with the IRS?

No, but... If you the cash back was paid for the purchase of an item that you are deducting (such as a business expense), then you have to reduce the deducted amount by the cash back paid for that item. Cash back payments are not taxable for their own sake, because you had to purchase something to get them, so they are just like discounts on the items purchased.

What does it mean when a dealer offers customer cash back?

Getting cash back at closing is exactly what it sounds like - receiving cash at the close of the sale or refinance of your home. To understand why a person might get cash back at closing, you need to understand the concept of equity.

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