If I pay off my mortgage this year how will it affect my taxes?

[laurief67]

I'm worried about losing the deduction for the mortgage interest paid and if I will have to pay more income tax at the end of the year; (I'm single, 1 job, no dependents).

[MinhT · Accepted solution]

If you pay off your mortgage this year, you won't have any mortgage interest to deduct from your tax in the future. If your mortgage interest allows you to use itemized deductions now, having less itemized deductions or using the standard deduction may lead to a higher tax bill in the future.