This topic contains 0 replies, has 1 voice, and was last updated by Chris 3 weeks, 1 day ago.
Time limit to use a cash-out refi for tax purposes
Just wondering if you know of a time limit to use cash-out refi funds to purchase an investment property as it relates to mortgage interest deduction? I understand that the cash-out portion qualifies for a mortgage interest tax deduction if used on current property or second property but what if I want to refi now while rates are favorable and bank the funds until I find the right income property (eg: 6 months). Can I deduct mortgage interest for the cash-out amount over that 6 month period or am I only allowed to deduct once the funds begin usage for a ‘qualified’ deduction purpose?
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