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Open Question: Refinance Tax liability question - Cap. Gains?

Open Question: Refinance Tax liability question - Cap. Gains?

This is a discussion on Open Question: Refinance Tax liability question - Cap. Gains? within the Mortgage Refinancing forums, part of the Mortgage and Loans Forum category; My wife and I refinanced our mortgage and took some cash out (25,000USD) . Originally, we intended to use the ...

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01-23-2008, 04:25 PM

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Open Question: Refinance Tax liability question - Cap. Gains?

My wife and I refinanced our mortgage and took some cash out (25,000USD) . Originally, we intended to use the cash on home improvements, but we decided to go get married in the Bahamas instead. (long story, happy ending). We're in PA, if this has any bearing on the tax issue.What kind of tax liability would we have for that cash we took out of the equity of the home?Would there be any?Perhaps I'm not being concise. We spent the cash on our wedding. The loan will not be paid in full any time soon.

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