Good afternoon,
A follow-up to a previous question:
I sold a piece of property and from that I received $75,000. This was NOT my home, it was pure acreage (no domicile on the property). I had a loan with a remaining principal of $50,000 on that piece of property. At the time of the closing, I used the proceeds of the sale to pay that loan (mortgage) off. (again, this was NOT my primary mortgage on my home) That left me a 0 balance and the loan was closed and I had $25,000 in my hand.
Is any of that $50,000 portion deductible?
(I am using TurboTax Deluxe with all updates installed. The product was purchased at Staples and came on a CD/DVD)
Many thanks for your help and have a great day
All the best,
Howard
