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Returning Member
posted Oct 25, 2023 10:26:26 AM

How does paying off mortgage affect my taxes?

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1 Replies
Employee Tax Expert
Oct 25, 2023 11:02:45 AM

Hello Kerry

 

Paying off your mortgage may or may not affect your taxes.

If you take the standard deduction paying off the mortgage won't affect the taxes,

If you itemize deductions (mortgage interest, taxes, donations,etc) it will reduce your itemized deductions and may increase your taxes.