Is extra money taken out of a refinance taxable?

Jenelle
I want to refinance my house and take 40k out for a down payment on a rental property. Is the 40k taxable if I use it for the down payment?

Brittny
It is not considered income, so it is not taxable unless it is gaining interest. If you are using the money for nothing related to the reason you got the loan you should pay it back otherwise you are going to pay for it three times over by the time you have it paid down. Right now is not a good time to borrow money to pay bills or to buy foolishly. The economy is entirely too unstable

Hugh
Not at all.

Nidia
It is not taxable because it is not income.