Posted by John CT on December 05, 2002 at 10:40:28:
I have not done this however, my uncle had 40 properties at one time. He NEVER made a monthly income from any of his properties. He would mortgage them to the max then when equity was built he would refi and pocket the cash, doing this many times over the ownership of the prop.
WHY?, because his philosophy was to pay the least amount taxes possible. Maybe not everybodies way but it worked for him.
Refi- with cash out - Posted by Scott
Posted by Scott on November 27, 2002 at 15:48:54:
If I refi a rental (single family home) and take cash out how is the cash treated for taxes? Do I owe any federal taxes (Capital Gains)in the year I pull the cash out or when I sell the home?
Re: Refi- with cash out - Posted by GMann
Posted by GMann on November 27, 2002 at 18:10:02:
It is TAX FREE MONEY with out a doubt! You don’t pay capital gains until you sell the property.