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Cash out refi & mortgage interest
Hello Everyone,
I am considering a cash out refinance and I came across an article that states I must utilize the money from the refi to improve the property or buy another property to ensure the mortgage interest is a write off.
Does anyone know the accuracy of this?
Additionally, if the money must be used for the above reason, does it have to be used in the same year as the refi?
If there is any other information I should know, please let me know.
Thank you very much. I appreciate any help I can get.