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Somebody42
February 19, 2021
Solved

Is home mortgage to buy another house considered income?

  • February 19, 2021
  • 1 reply
  • 0 views

I obtained a home mortgage on my own home to buy another home that became a rental property.

Is the money I received considered income (and taxable)?

Best answer by ColeenD3

Not at all. You are borrowing the money and will have to pay it back.

1 reply

ColeenD3
ColeenD3Answer
February 20, 2021

Not at all. You are borrowing the money and will have to pay it back.