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January 25, 2021
Question

The payoff on house was about 60,000.

  • January 25, 2021
  • 1 reply
  • 0 views
We will be paying taxes on the retirement funds that we used to pay off home.

1 reply

DoninGA
Employee
January 25, 2021

What is your question?

Employee
January 25, 2021

We will be paying taxes on the retirement funds that we used to pay off home.

 

Generally, yes.  You do not get a deduction for paying off your house.

DoninGA
Employee
January 25, 2021

@SweetieJean wrote:

We will be paying taxes on the retirement funds that we used to pay off home.

 

Generally, yes.  You do not get a deduction for paying off your house.


No, there is not a deduction for paying of the mortgage on your personal residence.