topic I paid my House off in 2019. Can I deduct that cost on my Taxes? in Deductions & credits

I paid my House off in 2019. Can I deduct that cost on my Taxes?

lucifer316 — Fri, 31 Jan 2020 16:20:45 GMT

Re: I paid my House off in 2019. Can I deduct that cost on my Taxes?

xmasbaby0 — Fri, 31 Jan 2020 16:36:30 GMT

No. Paying off your mortgage is not deductible. Only the mortgage interest, property taxes, loan origination fees or private mortgage insurance paid in 2019 are deductible.

Re: I paid my House off in 2019. Can I deduct that cost on my Taxes?

DianeC958 — Fri, 31 Jan 2020 16:52:51 GMT

No, if you are talking about the principal amount of the loan. The principle amount of the loan is not tax-deductible.

The costs associated with a mortgage that are deductible are mortgage interest, property taxes, and mortgage insurance premiums. In order to deduct these items, you would have to take Itemized Deductions on your return instead of the Standard Deduction.

Link to more information about Standard Deduction vs Itemized Deductions.