I paid off my mortgage, do I still get a home deduction?
Yes. There are still things you would be able to deduct.
You can deduct:
- Real estate/property taxes.
- Any mortgage interest, insurance, and points up until the mortgage was paid off (if you paid mortgage points and are amortizing you get to deduct all of them).
After you’ve entered your 1098, we’ll want to know which loan was paid off—so make sure you indicate that in the product when you get to the relevant screen.
If your property was refinanced with a new loan, you’ll be able to deduct these items for both your old and new loans. Just be sure to enter the information you receive from both of your 1098 forms.