It is accurate that paying of the debt (the "mortgage loan) generates no tax-related activity and thus is not required to be reported since neither income nor loss was created, only a transfer of value from one asset to another.
However, if you are the "Personal Representative" (= old term "Executor") of an Estate or if you are a Trustee of Trust Assets, you may, under the Trust documents or by requirement of the the court of relevant jurisdiction, be required to make a periodic (typically quarterly or annual) report to the Beneficiaries.
If this posted response is useful to you, please click on the upraised hand in the lower left of this post. Thank you. Scruffy Curmudgeon--PFFM/ IAFF, retired FireFighter/Paramedic - Locals 718/30, Veteran USAR O3 AIS/ASA '65-'67
NOT INTUIT EMPLOYEE
USAR 64-67 AIS/ASA MOS 9301 - O3
- Just donating my time
**Say Thanks by clicking the thumb icon in the lower left corner -it means nothing but makes those than answer feel wanted.
