turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Event: Ask the Experts about your refund > RSVP NOW!
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

I'm working on my 2018 tax return. I paid off my mortgage early in 2019... Do I need to enter anything into TT / on my 2018 tax return if it was paid off in 2019? Thanks!

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
Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Best answer

Accepted Solutions

I'm working on my 2018 tax return. I paid off my mortgage early in 2019... Do I need to enter anything into TT / on my 2018 tax return if it was paid off in 2019? 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.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

View solution in original post

3 Replies

I'm working on my 2018 tax return. I paid off my mortgage early in 2019... Do I need to enter anything into TT / on my 2018 tax return if it was paid off in 2019? Thanks!

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.

I'm working on my 2018 tax return. I paid off my mortgage early in 2019... Do I need to enter anything into TT / on my 2018 tax return if it was paid off in 2019? 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.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

I'm working on my 2018 tax return. I paid off my mortgage early in 2019... Do I need to enter anything into TT / on my 2018 tax return if it was paid off in 2019? Thanks!

Thank you both very much for the info/guidance.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies