Cash out rental refi- Is there gain if the new loan exceeds the adjusted basis of the property?
Also, is the interest deductible only to the adjusted basis and the remaining consumer or investment?
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Assuming this is an individual with a rental property. The loan is not taxable and the interest is not deductible.unless used to buy, build or improve the property.
Assuming this is an individual with a rental property. The loan is not taxable and the interest is not deductible.unless used to buy, build or improve the property.
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