NateTheGrEAt
Employee Tax Expert

Get your taxes done using TurboTax

To add to the excellent answer you already received, be aware that your mortgage balance doesn't enter into the calculation of your gain on the sale. 

 

Your gain is calculated as your sales price, minus sales expenses (things like title costs, real estate commissions, etc.), minus your basis. Your basis is what you originally paid for the house, plus costs incurred over the years of ownership for improvements, and some of your original closing costs. 

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