Taxes

[anyonecooper]

I am retired in NYC, my apartment will be paid off in a few months, how will my taxes change?  

Patrick

[AR_CPA2]

Hello anyonecooper, 

First of all, congratulations on paying off your mortgage on your apartment!!

So how your taxes will change depends on whether you are currently itemizing... depends on how much mortgage interest you have to enable you to itemize on your personal tax return.  Once you pay off the mortgage, you will not have that deduction any more.   On the other hand, if you already don't have enough to itemize then paying off the mortgage will not change anything on your taxes at all.

Hope that helps!