Home Equity and Refinancing
Taxes and Tax Preparation
Income Taxes

Are there tax consequences for cash back on refinancing that is used to consolidate debt?


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2008-02-06 04:02:45
2008-02-06 04:02:45

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.


Related Questions

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.

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.

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.

{| |- | 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. |}

Can i get cash back from a starter check

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.

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.

Paying off of an existing mortgage loan obligation by extending or renewing existing financing or taking on a new loan obligation under different terms.

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.

No, Target will not give cash back on checks. Sometimes, Walmart's will give cash back on personal checks if the amount is not a lot.

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.

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.

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.

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.

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.

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.

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).

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.

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.

You cannot sign your son's name to the back of his check and cash it for him. This is illegal.

The grocery store will charge your credit or debit card and give you cash back.

When you take back an item that you purchased, they give you cash back (instead of a gift card to that store).

yep. When you buy something just get Cash back.

a cash grant is like a loan but you don't have to pay them back

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