Paid off our mortgage

My wife and I paid off our mortgage this week. We file jointly and do a standard deduction. Will this affect our taxes next year or make us owe money since we paid off our mortgage? We typically get a refund back from state & federal.

posted

No, this will not affect your taxes because you were taking the standard deduction. If you had been itemizing your deductions then your return would have been affected by losing your mortgage interest deduction.

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