Your mortgage pay off is irrelevant. You would use the price you paid for the house as a deduction.
Total sale price = $100,000
Purchase price = $60,000 (random number)
Closing Cost = $5,000
Real Estate Commission = $3,000
Total expense would be $68,000 in this example.
Profit $32,000
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
