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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?
Wiki User
∙ 19y ago
No, as long as you still own the home and didnt make the profit from the sale of the property.
Wiki User
∙ 19y ago
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I received 191000 in a cash out refinance do I have to pay income tax on the money?
The proceeds of a loan are not income, so no tax.
Is gross income or adjusted gross income used in refinance?
Gross income.
How does one apply for student loan refinance?
It is not possible to apply for a student loan refinance as for federal loans, which is usually what a student applies for, there are only two methods to pay off the loan, one pays as they earn the amount, or you pay through your income.
Do federal student loans count as income for tax purposes?
No. Student loans are borrowed money, and is not considered "income;" therefore, you do not include them on your taxes.
Can a person get a loan using bank statements as proof of income?
I have received mortgage loans based on my bank statements as proof of income since my sole source of income is Federal benefits for which no weekly statement is issued.
I received 191000 in a cash out refinance do I have to pay income tax on the money?
The proceeds of a loan are not income, so no tax.
What is realized income?
Realized income is essentially the income that you know that you have earned or received. This income is considered taxable.
Is gross income or adjusted gross income used in refinance?
Gross income.
When you file federal taxes what is considered taxable income?
SSI
The federal income tax uses which form of taxation?
The federal tax is considered a voluntary tax.
Can you refinance a parent plus loan?
Yes - you can refinance them with a private lender. You lose some of the federal government programs like IBR (income-based repayment) but can benefit from different repayment terms and a lower interest rate. Learn more at commonbond.co/refinance-parent-plus-loans
Is an executor fee taxable?
It is considered income. That means it is subject to city, state and federal income tax.
In the state of Kentucky if i win the lottery is it considered income?
YES it is taxable income. And you already know that it is taxable income that you will have to report on your federal 1040 income tax return and added the amount to all of your other gross income and the amount will be subject to the federal income tax in the year that they are received at your marginal tax rates. For 2009 and 2010 the marginal tax rate on the federal 1040 income tax return is 10% to the Maximum 35% rate. And of course you could also have some state income taxes to pay on the lottery winnings amount.
Is a rebate taxable income?
None of the federal rebates that you may have received would be taxable.
How does one apply for student loan refinance?
It is not possible to apply for a student loan refinance as for federal loans, which is usually what a student applies for, there are only two methods to pay off the loan, one pays as they earn the amount, or you pay through your income.
Is a annuity check considered income?
An annuity check would be a part of your unearned income amount on your federal 1040 income tax return.
When you refinance your house and add your spouse's name to the refinance loan does that automatically add his name to the title?
of course since you are using their income. of course since you are using their income.
