No. That is not right. You cannot include your mortgage payoff as part of your selling expenses. If you are including the mortgage payoff, you are overstating your costs and understating your profit.
When you enter your cost basis, you are entering the amount you paid for your house plus improvements and certain other fees you paid when you bought the house. If you then include your mortgage as a sellers expense, you are including the cost of your home a second time or at least part of the cost of your home a second time.
Your sellers expenses would include
- Realtor Fees
- Advertising Fees
- Mortgage points YOU paid that normally would have been the buyers responsibility
- Legal fees
Selling Your Home
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