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All Forum Posts by: Marina Macartney

Marina Macartney has started 1 posts and replied 2 times.

Post: HELOC - Payoff with conventional loan, taxed?

Marina MacartneyPosted
  • Realtor
  • Orange County, CA
  • Posts 2
  • Votes 0

@Greg Scott Thank you for the response! Our accountant confirmed the same, that we would not be taxed if the funds passed through our account.

Post: HELOC - Payoff with conventional loan, taxed?

Marina MacartneyPosted
  • Realtor
  • Orange County, CA
  • Posts 2
  • Votes 0

We got a slight discount on a rental property with a cash offer. We are funding with a HELOC but quickly taking a conventional loan to payback the HELOC. Can we have the loan wired to the HELOC account directly or is the only option to have it wired to our personal account, opening us up to being taxed on the amount as income, before wiring to HELOC account?