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CGCPA
CGCPA, CPA
Category: Tax
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Experience:  over 40 years experience in tax matters
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I received a check of $ 42,000 for a lower interest home loan.

Resolved Question:

I received a check of $ 42,000 for a lower interest home loan. How much taxes do I have to pay on that loan.
Submitted: 5 years ago.
Category: Tax
Expert:  CGCPA replied 5 years ago.

Welcome to Just Answer. I am here to help you resolve your tax and finance concerns. Please feel free to ask anytime you need extra help.

There is no tax on this. You have traded a portion of your equity in the home in exchange for an asset - cash. This does not produce a taxable item.

CGCPA and 2 other Tax Specialists are ready to help you