We are buying a new home and have $140k in equity from our old home. I want to take around $40k out of this$140k in equity, and use this $40k for home improvements, including some new appliances. Will I have to pay tax on the $40k?

( i.e. big back yard, finished basement, all appliances included, proximity to neighbors)

Now that our offer on a house was accepted by the seller, we are moving forward. With financing letters in hand, the bank is suggesting that they have a problem with the house coming with appliances. My banker is concerned that if the house comes with the appliances, I will essentially be receiving a cash advantage (or gift) at closing and it will complicate the deal. So her solutions is that we and the sellers must all sign a document claiming the included appliances have no value and will not interfere with the deal. This is crazy to me… When we sold our old home (that came with appliances), no one questioned this.

Is this common practice or do I need to fire my banker?

My agent said I should…
Thanks in advance for your time and response. Eric
I forgot to add that the satellite dish that will remain with the house will also complicate things… the satellite dish!

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