0
I received 191000 in a cash out refinance do I have to pay income tax on the money?
Wiki User
∙ 16y ago
The proceeds of a loan are not income, so no tax.
Wiki User
∙ 16y ago
Add your answer:
Earn +20 pts
Is the money received in a cash out refinance considered a gain that you have to pay Federal Income Tax on if you owned your home less than 2 years?
No, as long as you still own the home and didnt make the profit from the sale of the property.
What is money received?
Money received can be income, payment for services rendered, credit towards a debt, etc.
What are examples of income received in advance?
a good example would be rent income that has been received in advance another example would be membership fees etc... thr income received in advance is seen as a liability because it is money that does not correlate to that specific accounting or business year but rather for one that is still to come. the income account will then be credited to the income received in advance account and the income received in advance will be debited to the income account such as rent. When the time period for which the money was received comes, then a reversal takes place which is the same only differing by now debiting the income account to income received in advance account and vice versa.
Do you pay tax on money received from spouse life insurance?
Life insurance proceeds are received income tax free; how the money is taxed afterwards depends upon how and where it is invested.
Can you refinance your mortgage if you're in Chapter 13 but have not filed income taxes since 2003?
You have to receive approval to change your 'plan' from the Bankruptcy court. Usually, if they approve; and , you can find a lender willing to refinance while you are in BK, this means the money you save is then used to pay more to your debtors. if that is what you want to do. Usually, lenders want to see you pay the plan to it's end and then refinance.
Money received for products or services?
income
Is the money received in a cash out refinance considered a gain that you have to pay Federal Income Tax on if you owned your home less than 2 years?
No, as long as you still own the home and didnt make the profit from the sale of the property.
What is business income?
Business income is the amount of money received through your business.
What is money received?
Money received can be income, payment for services rendered, credit towards a debt, etc.
Is money received from your boyfriend taxable income?
depends where you live
Is money received for work done for a family member taxable income or can it be treated as a gift?
Its income
Do you need to file taxes if you did not work but received money from school?
IF the amount of the money that you received from the school is taxable income YES you should file a 1040 federal income tax return.
What are examples of income received in advance?
a good example would be rent income that has been received in advance another example would be membership fees etc... thr income received in advance is seen as a liability because it is money that does not correlate to that specific accounting or business year but rather for one that is still to come. the income account will then be credited to the income received in advance account and the income received in advance will be debited to the income account such as rent. When the time period for which the money was received comes, then a reversal takes place which is the same only differing by now debiting the income account to income received in advance account and vice versa.
Is there income tax on money received from a trust?
Yes, this is included in the IRC's very broad definition of "income".
What is the Definition of direct income and indirect income?
Money that is received straight to the recipient over a period of time.
I want to refinance and pay down my existing mortgage by nearly half, in order to make my monthly payments smaller. Can I do this with a "no cost" refinance and not borrowing any money in the refinance?
I think if you can effort for it you can have a refinance without borrowing the money.
Does refinance calculators really save you money?
No refinance calculators do not save you money. They can find ways for you to save money, but they do not save for you, you have to take on some fiscal responsibilty.
