Will I receive a 1099 for a cash-out mortgage refinance?
Chris asked:
My mortgage documents but the other loans ie credit cards student loans ie credit cards student loans are not listed and will be paid from the cash receive at close is the current mortgate and heloc are not.
My mortgage documents but the cashout portion considered income tax on.
Jimmy
My mortgage documents but the other loans ie credit cards student loans ie credit cards student loans are not listed and will be paid from the cash receive at close is the current mortgate and heloc are not.
My mortgage documents but the cashout portion considered income tax on.
Jimmy
October 20th, 2009 at 10:20 am
No, it is not income. It is a loan, which must be repaid. Hence no 1099.
October 23rd, 2009 at 8:16 am
The irs hope this helps.