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Updated about 3 years ago on . Most recent reply

Everett Baker's profile image
Everett Baker's profile image
Everett Baker
  • Member since Oct 20, 2020
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Everett Baker's profile image
Everett Baker's profile image
Everett Baker
  • Member since Oct 20, 2020
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Everett Baker
4
Votes |
12
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General Landlording & Rental Properties

Refinace Money tax implication

Everett Baker
Posted

I am planning to refinance my rental properties which are free and clear. 

Planning to take out $1mil

Are there any tax implications on this money after the refinance ?

Do i have to invest this money or keep in my savings account ?

Appreciate your expert advice. 

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Tyler Peitzmeier's profile image
Tyler Peitzmeier's profile image
Tyler Peitzmeier
  • Investor
  • from Newport Beach, CA
  • Member since Aug 24, 2019
  • Posts 68
  • Votes 66
  • Experience 9 Yrs
  • Investments 3
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Tyler Peitzmeier's profile image
Tyler Peitzmeier's profile image
Tyler Peitzmeier
  • Investor
  • from Newport Beach, CA
  • Member since Aug 24, 2019
  • Posts 68
  • Votes 66
  • Experience 9 Yrs
  • Investments 3
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Tyler Peitzmeier
  • Investor
  • Newport Beach, CA
66
Votes |
68
Posts
Tyler Peitzmeier
  • Investor
  • Newport Beach, CA
Replied

Hello Everett,

That money from a cash-out refinance is tax free. That is considered a loan to yourself with your home being the collateral. That is the great part of real estate!

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