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April 15, 2025
Question

Mortgage Interest (Beginning balance and ending Balance)

  • April 15, 2025
  • 1 reply
  • 0 views

TT is asking what the outstanding balance of a loan is at January 1st 2025. if paid off in 2024, then balance should be zero as of 1/1/2025. TT won't accept a zero balance? It says to enter the balance on the day you paid it off?

 

1 reply

April 16, 2025

You can't deduct mortgage interest if there is no principal to deduct against.  So enter the final value that the mortgage had when you paid it off to deduct the interest that you paid prior to the payoff.

 

@MikeB5 

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