Capital gains applicable if I use them to pay off Mortgage Principal?

[3288451]

I received some stocks that vested over last one year. If I sell them off and use that money to pay off the principal in my Mortgage, will I still be taxed for capital gains?

[DoninGA]

Paying off a mortgage is not relevant.  If you had an investment sale with a gain on the sale then the capital gains are taxable.

[3288451]

Thanks. One follow up. If I pay principal of my mortgage, do I get any tax benefit for that?

Keshav

[DoninGA]

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@3288451 wrote:

Thanks. One follow up. If I pay principal of my mortgage, do I get any tax benefit for that?

Keshav

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No, principal paid on a mortgage is not entered on a tax return.  Only the mortgage interest paid is reported on a tax return.