Hal_Al
Level 15

Deductions & credits

No. The $15,000 you cleared is not relevant.


But, you may have to report the capital gain on the sale.  Your capital gain is what you sold it for less what you bought it. The price you bought it for is your cost basis. You can make adjustments, in the cost basis, for the improvements you made and the expenses of sale, but not for the mortgage pay off.


But, he capital gain on the sale of your primary home is not taxable (up to $250K, $500K married). To be eligible you must have lived in and owned the home for at least 2 out of the 5 year prior to sale. You do not even need to report it on your tax return, unless you got a tax document, usually a 1099-S. The 1099-S may have been included in your closing document

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