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Updated almost 4 years ago,

Account Closed
0
Votes |
3
Posts

Get Cash Out Of Home After Purchasing In Cash

Account Closed
Posted

I purchased a house in cash, it closes in a few weeks once the bank gets their act together and signs it over. I did not plan on having all my liquid funds tied up, but this deal was too good to pass up so I went for it. The money came from my personal checking. I'd really like to get money out of it. Is there a way to get money out of the house that would allow me to deduct the interest paid on schedule E? I was thinking a cash out refi, but it looks like I can't do that until 6+ months after owning the new house, and I'm guessing it would be really hard to argue that those funds were used to purchase the house so many months ago. 

Any advice - or tips for where to educate myself - is appreciated. 

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