is the equity you take out from refinancing a mortgage tax free?

Yes.. Since you only pay taxes on income, and you do not pay taxes on money you receive from a loan.. However the interest you pay on your equity line may not be fully deductible.. Current laws allow you to write off the interest on the first $100K.. Any interest paid on a line of credit above $100K that was not "Purchased Money" is not an allowable deduction.. So be careful.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Yes, you do not pay tax on borrowed money.

yes

Yes.....the only time you have an issue is if you are doing a short sale on your property.

Carla,The answer to your question is yes, however, you should consult with a tax advisor regarding the deductibility of interest on the portion of your new loan over the amount of the previous loan. It is possible that not all of your interest on the new loan is deductible.

Yes, it is

Yes it is tax free. Please call or email me with any questions. Barclay Butler 224-420-9990, bbutler@barclaybutlerfinancial.com

Yes, it's tax free. Feel free to contact me if you have any questions. I am located in Illinois.

Not taxable.

YES, but a portion of the interest you pay may NOT be deductible. Consult a tax adviser for more info.

Yes,

Yes. it's borrowed not a payment.

It is dependent on the purpose of the cash. If you cash-out equity for purposes of home renovation, then mortgage interest on a loan up to a $100,000 is tax deductible; however, if it is for other purposes then it is not considered tax deductible. Speak with a CPA to find out the impact to your personal financial balance sheet. Hope you're enjoying the sun and warmth today in the Windy City!

There's a difference between the equity that you "take out" and the "Interest Expense" that you will want to write-of come tax time, and while we all have our opinions, we're not licensed tax preparers, so please consult your own CPA/Tax professional. I lend in ALL continental US states, so if you want to discuss a refinance with taking equity out, please drop me an email or call, CLICK ON MY PROFILE TO THE LEFT to see my information. JAlbrecht@PrimeLending.com or call me at 512-381-4643

Private Money / Commercial Money LendingWaikoloa, Hawaii 96738Office Phone: 808-883-2747E-mail: J@KalaLending.comBusiness Description: We offer multiple types of funding starting at $100,000 and up, no maximum: * Commercial Real Estate Loans * Bridge Loans * Multi-Family * Office Buildings * Industrial * *Hotel / Motel Financing * Medical * Assisted/Independent Living * Warehouses * Franchises * Convenience Stores *Restaurants * Project Finance * New Construction * Equipment Leasing * Stock Loans * Portfolio Liquidations * Private Equity * Joint Ventures *Working Capital * Project Finance *Oil and Gas Financing *Renewable Energy Financing * Gold Mines *Churches*Credit Lines *Proof of Funds *Bank Instruments * Bulk REO's * NPN's/PN's