Cash Out Refinance Tax Implications for Short Pump, VA Homeowners: What Is and Isn’t Taxable

Cash Out Refinance Tax Implications for Short Pump, VA Homeowners: What Is and Isn’t Taxable

Cash out refinance tax implications for Short Pump and Henrico homeowners come down to two points: the cash you receive is a loan, so it is not taxable income, but the interest is deductible only when the money is spent on qualifying home improvements. Duane Buziak, NMLS #1110647, a Short Pump mortgage broker, explains what is and isn’t taxable so you can choose the right refinance structure.