Is there a way to deduct my mortgage payoff amount?

robert-comer · ‎June 6, 2019

IsabellaG · ‎June 6, 2019

No. if you paid off your personal mortgage, you don't have a deduction for the principal . You can deduct any mortgage interest paid.

If this was Rental Property, you should be recovering your cost of the property by claiming Depreciation each year. Again, no deduction for the principal.

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SweetieJean · ‎June 6, 2019

Mortgage principal is not deductible.

IsabellaG · ‎June 6, 2019

No. if you paid off your personal mortgage, you don't have a deduction for the principal . You can deduct any mortgage interest paid.

If this was Rental Property, you should be recovering your cost of the property by claiming Depreciation each year. Again, no deduction for the principal.

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**Mark the post that answers your question by clicking on "Mark as Best Answer"

robert-comer · ‎June 6, 2019

Thank you

IsabellaG · ‎June 6, 2019

You're welcome.

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Is there a way to deduct my mortgage payoff amount?