topic I own 1 house and claim standard deduction for taxes. Is there a tax penalty for paying off my mortgage early? in Deductions & credits

I own 1 house and claim standard deduction for taxes. Is there a tax penalty for paying off my mortgage early?

jjiang2016 — Thu, 18 Jul 2019 00:52:52 GMT

Re: I own 1 house and claim standard deduction for taxes. Is there a tax penalty for paying off my mortgage early?

VolvoGirl — Thu, 18 Jul 2019 01:05:59 GMT

No! Paying it off early is a very good thing to do. Are you going to use an IRA or 401K to pay it? There is a penalty for taking a distribution if you are under 59 1/2.

Re: I own 1 house and claim standard deduction for taxes. Is there a tax penalty for paying off my mortgage early?

VolvoGirl — Thu, 18 Jul 2019 01:07:41 GMT

Oh, unless your mortgage has a prepayment Penalty. Ask your bank or lender. But that is not a tax or on your tax return.