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How to Save on Taxes with Ankur Nagpal
All the Hacks with Chris Hutchins
Exploring the Benefits of Cash Out Refinance and Investment Interest Deduction
Cash out refinance allows homeowners to take equity out of their home and refinance their mortgage. By investing the cash obtained through refinance, homeowners may classify the mortgage as investment interest and qualify for an itemized deduction. It's essential to follow interest tracing guidelines and ensure that the money is not commingled with personal expenses. This tactic can be especially beneficial when future interest rates are lower, potentially allowing homeowners to cut mortgage rates and make them deductible beyond $750,000. The deduction for investment interest expense is usually capped by the investment income generated, but in most cases, investment income tends to exceed interest costs.
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