Re: The payoff on house was about 60,000.

The payoff on house was about 60,000.

We will be paying taxes on the retirement funds that we used to pay off home.

posted

We will be paying taxes on the retirement funds that we used to pay off home.

Generally, yes. You do not get a deduction for paying off your house.

@SweetieJean wrote:

We will be paying taxes on the retirement funds that we used to pay off home.

Generally, yes. You do not get a deduction for paying off your house.

No, there is not a deduction for paying of the mortgage on your personal residence.

How do my sister and I each report cost basis for a home we coowned when she only took 60000 of the 205181.25 profit? We bought the house for 215000.

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The payoff on house was about 60,000.

The payoff on house was about 60,000.

The payoff on house was about 60,000.

The payoff on house was about 60,000.

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The payoff on house was about 60,000.

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The payoff on house was about 60,000.

The payoff on house was about 60,000.

The payoff on house was about 60,000.

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