I have another related question on my rental home sale, as I report the gain by sale price subtract closing costs: commissions, broker's fees, title insurance...
1. I have balance pay off loan to bank and I subtract that from sale prices to come up with gain or loss right?
2. I received 1098 Mortgage Interest from the bank should I deduct as sale expenses or should I report rental expenses as mortgage interest deduction on tax return?
Thank you very much!
