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February 7, 2022
Question

I paid off my house in 2021

  • February 7, 2022
  • 1 reply
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Hello

In March 2021 I paid off my house, I paid it with my 401(k), I received the form 1099-R I entered already it in turbo tax. Where I should enter the paid off of my house? Also my form 1098 is only for the portion of interest before the paid off but the box 2 outstanding mortgage principal still shows the balance of my balance of principal because in the form says the amount in the box 2 shows the outstanding principal on the mortgage as of  1/1/2021. I received a letter from my bank where says my loan is paid off.

 

I paid Real estate in my own since I owned the house, I should enter it as real estate?

Thank you very much for your help,

 

Rosa

1 reply

February 7, 2022

There is no separate deduction for paying off your mortgage. If you itemize you only deduct the interest you paid as well as your property (real estate) tax.