☰
✕
Sign In

Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Feb 15, 2021 5:33:58 AM

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

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?

0 3 483
3 Replies
Level 15
Feb 15, 2021 5:35:52 AM

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.

New Member
Feb 15, 2021 5:51:56 AM

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

 

Keshav

Level 15
Feb 15, 2021 6:05:32 AM

@3288451 wrote:

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

 

Keshav

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