When entering information to calculate the gain on the sale of primary residence there is no line item to enter mortgage loan pay off. Please confirm that the way to adjust for the loan payoff amount is to subtract the loan payoff amount from the contract sale price to get the 'Sales Price to YOU' and enter that value in the "Sales Price" blank.
example: Contract sale price of $1.5M minus the loan payoff of $300K, would mean the Sales Price to YOU is $1.2M, and THAT is what goes in the form as "Sales Price".
