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Richard, Lawyer
Category: Real Estate Law
Satisfied Customers: 55708
Experience:  32 years of experience as lawyer in Texas. I'm also a Real Estate developer.
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What tax forms are required when paying off a mortgage

Customer Question

What tax forms are required when paying off a mortgage
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Richard replied 1 year ago.

Hi. My name is ***** ***** I look forward to helping you.

The reason you couldn't find any forms is that paying off the mortgage is not a taxable transaction. It's simply using cash to pay off a debt which does not produce any taxable result. Only if you were to sell the property or the loan was forgiven in whole or in part (creating forgiveness of debt income) would you report this transaction. If you are only paying off the mortgage, you have no tax forms to complete and file.

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Customer: replied 1 year ago.
How far back can they view on tax form 4506t if I try to refinance a mortgage
Expert:  Richard replied 1 year ago.

Thanks for following up. I'm sorry for the delay in responding..I had a pre-scheduled meeting. Thanks for your patience and I apologize for any inconvenience.

Typically, they will only ask for the current year and the prior year.