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Updated date: Tuesday, July 8, 2025 - 19:43

How does paying off your mortgage affect your taxes?

The IRS allows you to deduct all the interest you pay on up to $1 million of home mortgage debt if you're married filing jointly or $500,000 if filing separately. When you pay off your mortgage, you stop paying interest and lose the ability to write off that expense. This makes your taxes go up.

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