I bought raw land back in April 2021. The purchase price was $190k and I put down $60k towards the loan at closing to being my load to $130k. We are now selling the land for $209k and I owe $108k on the loan. My question is once I get a check at closing (estimated to be $93k), do I pay capital gains tax on the $93k or can I subtract my original cash down payment from that and only pay taxes on $33k? Another question would be is there a write off for the mortgage and extra principal payments I made that brought my loan down to $108k?
