- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Deductions & credits
@Kcseb234 And....oddly.....you posted your question to a thread that pertains to sales tax. Are you somehow trying to get a deduction for sales tax by calling the payoff of your mortgage a "major purchase"---or did you just pick this thread at random?
Only the interest paid for a mortgage is deductible---and it only has an effect on your refund or tax due if you also have enough itemized deductions to exceed your standard deduction. The principal you paid off is not an itemized deduction at all, nor is it a "major purchase" for sales tax.
**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
‎June 27, 2022
8:47 AM
1,642 Views