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Money and Finances
Reply to "Cash out refi to invest in stock market?"
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[quote=Anonymous][quote=Anonymous]It may complicate your taxes, as you likely [b]won't be able to deduct interest on the portion of your new mortgage that exceeds your old mortgage. [/b] For this reason, it may often be better to take a larger mortgage in the first place. Tax treatment aside, there's no real difference between "borrowing against your house" -- that is, increasing the amount of your mortgage -- and taking on a larger mortgage at purchase. So if you're contemplating increasing your mortgage from $X to $Y, the question to ask yourself is if you were buying your house today, would you finance $Y of the purchase price? $X? Some other amount?[/quote] How do they even check this? You get a single tax statement from the mortgage company, correct? What prevents you from deducting the entire mortgage when you itemize and how does the IRS check this unless the mortgage company also reports to the IRS the interest split between previous mortage and cash-out refi? [/quote]
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