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Do I need to report the equity “Cash Out” from Mortgage refinance as income?
I do my own taxes every year, but this year I have a question. I refinanced my mortgage in the spring. Had a significant amount of equity and decided to “cash out” some of my equity to help pay off some outstanding debts (car, student loan, credit card balance) and kept some to keep in saving (so it’s accessible, if needed). I know the government tries to take a piece of everything, but this is MY money. It’s not “wages” — does that make a difference?
No.
You report equity on your home when you sell it. Then, you subtract your total costs from your home from the selling price to figure your profit on the sale. If you are single and have owned your home for two years or more, the first $250,000 is not taxable income. If you are married, the first $500,000 of profit is not. Any amount above and beyond that amount or if you have not lived in your home as your primary residence for more than two years, all profit is deductible.
Mortgage Refinancing Secret Exposed www.RefiAdvisor.com
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So You Want to Refinance: An Insiders Guide to Refinancing Adjustable $18.6 A must-have for any home owner looking to refinance -Terri Williams, Homeowner Are you paying more than you need to? In this book a mortgage lending insider reveals her answer to this question – and more – in her best selling So You Want to Refinance. If you are baffled by the dizzying array of mortgage companies, sales pitches, and loan products, this book is for you. The book walks you through each step of the loan process in easy-to-understand language to help you make an informed decision that’s good for YOU-not for your loan officer. The book explains how to asses and rebuild your credit score, accurately calculate the equity in your home, and how to make sure that you present your situation in the best possible light. More than just an introduction to getting a home loan – this book will show you how to get the best deal possible. This book is a must-have for any current or potential homeowner thinking of refinancing. Key topics include: -Refinancing Adjustable Rate Mortgages (ARMS) -Understanding Broker Incentives -Getting the Best Appraisal -Processing and Underwriting -Cleaning up your Credit Report -Signing Tips, Tricks, and Negotiation Strategies |
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Consumer’s Guide to Mortgage Refinancing $3.5 Have interest rates fallen? Or do you expect them to go up? Has your credit score improved enough so that you might be eligible for a lower-rate mortgage? Would you like to switch into a different type of mortgage?pThe answers to these questions will influence your decision to refinance your mortgage. But before deciding, you need to understand all that refinancing involves. Your home may be your most valuable financial asset, so you want to be careful when choosing a lender or broker and specific mortgage terms. Remember that, along with the potential benefits to refinancing, there are also costs.pConsumer’s Guide to Mortgage RefinancingpHelps you answer the questions Should I, Can I, and How do I refinance my mortgage loan? Includes worksheets to help you determine whether refinancing will pay off for you and to help you shop for a mortgage loan to fit your financial situation. Also includes tips to help you through the refinancing process. |
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Kickback: Confessions Of A Mortgage Salesman $10.9 I confess. I stole thousands of dollars. Maybe even thousands of your dollars. Oh, I was never tried and put in prison for it. What I did was perfectly legal. And it is done every day in professional-looking offices all across the country. But let me explain. I was a mortgage loan officer. (Actually, a senior loan officer.) You’d know my mortgage company. They advertise a lot- on the radio, billboards, and telephone directory covers. The same place the ambulance-chaser lawyers advertise. Looking for the naive, unsophisticated buyers. Many of my clients needlessly paid me thousands of extra dollars in fees on their mortgages and refinancing transactions. I no longer am in the mortgage business. By your reading this book, it is my hope that you can save hundreds or even thousands of dollars on your next mortgage or refinance transaction. I hope, by this book, to pay back at least some of the money I stole. |
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Understanding Mortgage Meltdowns $81.78 Borrowers who used alternative mortgages to finance homes during the housing boom have experienced rising foreclosure rates as housing markets have declined. Some types of alternative mortgages may have exacerbated price declines and damaged the finances of consumers and lenders. The use of mortgages with adjustable rates, zero down payment, interest-only, or negative amortization features raise economic risk compared to traditional mortgages. Because some borrowers and lenders did not adequately evaluate these risks, housing finance markets have been hit with significant losses and financial markets have been in turmoil. Alternative mortgages offer some combination of adjustable rates, extremely low down payments, negative amortization, and optional monthly payments. The prudent use of alternative mortgages offers benefits. For example, during periods of exceptionally high interest rates, adjustable rates may suit consumers expecting rates to fall. People whose incomes depend on commission or bonuses may be attracted to mortgages with flexible monthly payments. These benefits come with potential costs for the borrower and for the financial system. Adjustable rates shift the risk of rising interest rates from banks to borrowers. Low down payments increase the risk that borrowers will owe more than their house is worth if prices fall. A borrower owing more than the house is worth may be unable to sell or refinance the house. The use of alternative mortgages in these areas may have contributed to rising defaults and more volatile home prices. More than a trillion dollars of mortgages originated during the boom will reset their monthly payments by 2009. |
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Practical Answers to More Than 150 of Your Mortgage and Loan Questions $10.07 The Mortgage Answer Book answers the most common mortgage and loan questions asked by borrowers today and breaks down the complex mortgage industry with straightforward, easy-to-follow advice on finding the loan that is right for you.What kinds of mortgages are available to me? How do I get a mortgage? How large a down payment do I have to put down to get a mortgage?pFor most people, buying a house is the largest purchase they will make during their lives. However, it is the loan to buy the house that can add hundreds of thousands of dollars to your overall cost. The Mortgage Answer Book answers the most important questions someone buying a home needs answered before obtaining a mortgage. With insider tips, strategies, and insights that are critical for anyone applying for a mortgage. The Mortgage Answer Book is an authoritative reference, providing sound advice and immediate answers to your most pressing concerns.pWritten by an attorney, The Mortgage Answer Book answers your most important questions including: How do interest rates affect me being able to purchase a home? How can I fix a problem on my credit history? What are prepayment penalties? How can I figure out how much money I will be able to borrow? How do I refinance my mortgage? What is the difference between a fixed mortgage and an adjustable rate mortgage? How do I avoid foreclosure and losing my home?pWritten in an easy-to-read, question and answer format, The Mortgage Answer Book helps you understand how to successfully finance a home. |
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Mortgage Surgeon $157.7 Mortgage Surgeon |
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The Mortality Mortgage $24.29 The Mortality Mortgage |
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Mortgage Analyst $54.95 Mortgage Analyst |
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General Mortgage $21.88 General Mortgage |
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