I sold my rental property, and I'm on the screen that says to report the sales price and sales expenses. In the sales price box, do I report the amount of sale minus the loan amount that was paid off during the sale? Or how does that work if after the expenses and the loan pay off, I received 133k?
For example:
House Sale price is 256,000, Loan is 105,000 that is being paid off from proceeds. In the sale price would it be 151000? Because when I put 256,000 amount in, and the expenses, without the loan payoff, it says the income amount I received was 175,000 but i only received 133k.
I bought the property back in 2005 for $145,000. Lived in it for a year then turned it into a rental. If that helps anything.
