I am going to be making two large deposits within the next two weeks. The money is from a home equity loan I took out a year and a half ago, but never used. Do I need to worry about audits or taxes?
Taking out the home equity loan wasn't a taxable event, although interest you pay on that loan may be tax deductible. Using the funds from the home equity is also not a taxable event. The likelihood of a tax audit should not be increased by anything you've described here.
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Taking out the home equity loan wasn't a taxable event, although interest you pay on that loan may be tax deductible. Using the funds from the home equity is also not a taxable event. The likelihood of a tax audit should not be increased by anything you've described here.
