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Our mortgage is paid off

Forum|Forum|7 years ago
June 4, 2019
3 replies
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The balance of our mortgage was paid off to First Federal on 09-21-2016.

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Best answer by xmasbaby0

It must feel good to have your mortgage paid off. You can deduct the interest you paid in 2016 prior to paying it off, and you can deduct property taxes paid in 2016. Going forward, your only home ownership deduction will be property taxes.

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xmasbaby0Answer

Employee

It must feel good to have your mortgage paid off. You can deduct the interest you paid in 2016 prior to paying it off, and you can deduct property taxes paid in 2016. Going forward, your only home ownership deduction will be property taxes.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

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tonylima181

TurboTax won't let me enter 0.00 for the mortgage balance. This is for the 2019 tax year. Help!

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frank47

Turbotax does not accept 0.00 on the mortgage balance. what do i do? this is holding up completing my return.

DMarkM1

Unless you refinanced or are trying to get the below the $750,000 limit of mortgage debt, then the ending balance is not a factor. Just enter your form 1098 information and including property tax paid information to get your allowable deductions. Next year you will not have a 1098 to enter if you don't have any outstanding mortgage debt. You will still be able to enter any property taxes paid.

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AC191

Paid off my mortgage in 2020. TurboTax won't let me enter 0.00 for the mortgage balance on the 2020 tax year software. Also I did not get a 1098 because interest was less than $600 so bank did not send. Please help me resolve how to record the interest and how to accept the 0 mortgage balance!

DawnC

Employee

The bank will send a 1098 even if you paid less than $600 interest. You may also be able to find the document online at your bank's website. The question regarding the mortgage balance is asking the balance as of 01/01/2020, the beginning of 2020, not the end of 2020.

Your outstanding mortgage principal balance (Box 2) is the amount of money you still owe on your home loan as of 01/01/2020. If you paid off the mortgage during 2020, the 1098 will tell you the balance as of 01/01/20, which will not be 0. @AC191

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