I'm new (sort of) with refi/tax question

lindy_444_2009June 17, 2009

Hello ... haven't posted at That Home Site in a few years ... thanks in advance for your replies ...

My husband and I just refinanced our house and cashed out some equity to pay off credit card and auto loan debt. Yay, it is good to be free of that! My question is whether the equity we took out (about $50,000) will be taxable income for 2009.


Thank you for reporting this comment. Undo

No... its debt, not income. You don't get to "keep it"... you have to pay it back (but you do get to deduct the mortgage interest, most likely.)

NOW... keep those credit cards zero-balanced from here ;~)

Dave Donhoff
Leverage Planner

    Bookmark   June 17, 2009 at 5:34PM
Thank you for reporting this comment. Undo

Yeah, don't use those cards. If I had to give one reason alone why I am so financially well off it is because I kept us out of debt. Car and home were the only long term debt we had and we bought wisely and paid off early than we had to.

    Bookmark   June 17, 2009 at 6:11PM
Sign Up to comment
More Discussions
Private College Savings - How much is enough?
We have approximately $62,000 saved in a 529 plan for...
Programmable Thermostat proof
Does anyone have hard copy proof of the savings that...
Buying a new house financial questions?
This seems silly, but I don't have anyone else to talk...
Family Banking Concept, anyone heard of it?
I did a search here and did not see any similiar thread....
Do I need to give a 1099-misc to the lady who cleans for me?
For the first time ever, I began having a lady clean...
Sponsored Products
Missoni Home | Oldsmar Round Rug
Eastwood Armless Chair - Key Largo Pumice Beige
Joybird Furniture
Darya Rugs Arts and Crafts, Beige, 4'10" x 7'10" M1746-139
Darya Rugs
Sure-Loc Modern Square Vintage Bronze Door Lever
Two Standard 300TC Pillowcases
$145.00 | Horchow
Lightfoot Polished Nickel and Teal Leather 2-Light Sconce
Lamps Plus
Go Home New Fan Light Fixture
Beyond Stores
Contemporary Indoor/Outdoor Area Rug: Artistic Weavers Rugs John Blue 9 ft. 9
Home Depot
© 2015 Houzz Inc. Houzz® The new way to design your home™