I paid off my mortgage early in 2019. There was no early payment penalty, but there was a $47 Recording Fee (in addition, of course, to the principal and accrued interest).
I thought I saw TT asking whether the mortgage has been paid off.
Do I need to indicate anywhere on my 2018 tax return, or change my responses in TT -- or is the payoff only relevant to my 2019 tax return?
Thanks
Nothing you did in 2019 belongs on your
2018
tax return. Enter only the information relevant to your mortgage in 2018 on a 2018 tax return. If you have anything about your mortgage for 2019 to enter you will do that when you prepare your 2019 tax return--in early 2020.
Also--paying off your mortgage will not be relevant. There is no deduction for paying off the loan. Only interest paid on the mortgage would be deductible.
Since the mortgage was not paid off until tax year 2019 there is nothing for you to indicate on the 2018 tax return concerning a mortgage payoff.
Nothing you did in 2019 belongs on your
2018
tax return. Enter only the information relevant to your mortgage in 2018 on a 2018 tax return. If you have anything about your mortgage for 2019 to enter you will do that when you prepare your 2019 tax return--in early 2020.
Also--paying off your mortgage will not be relevant. There is no deduction for paying off the loan. Only interest paid on the mortgage would be deductible.