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Get your taxes done using TurboTax
Hi, @Louisll29 ! As a general rule, paying down your mortgage may cause your tax liability to go up, since you will be paying less deductible mortgage interest (which of course, is not a bad thing!) However, if you are not itemizing your deductions but are instead taking the Standard Deduction, then it will have no effect. But as you said, most of your mortgage payments go mostly toward interest in the early years, so any difference may be subtle. Hope this helps!
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May 24, 2023
12:27 PM