Money received on a refinance?

How is money that is cashed out from a refinance taxed?

A loan that must be repaid is not taxable income. When you cash out equity in your property, the refinance is a non-taxable event.

I agree with Dave T.

BTW, not to be negative, but if for some reason you have a debt cancelled, that cancellation of debt may in certain circumstances create taxable income. This cancellation stuff can be a tricky though…

I bring it up, though, because it’s the place where you could (later on) get taxed on your refinancing money (in a worst case scenario).