You should enter the total sales price on your rental house that is on your HUD statement. You will need to divide the total sales price between the land and improvements as well as any other assets. There is a place to add sales expenses.
There is no deduction from the sales price for paying back your loan. You should have taken a deduction for the mortgage interest each year you were operating the house as a rental.
Rental houses often wind up with larger tax bills than people think, especially if they have been held as a rental for a while. This is due to depreciation recapture where the depreciation that you took or could have taken on your Schedule E translates into a higher tax bill. More information here.
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