I sold my rental property for $210000. I had to repay 30000 mortgage. Do I deduct it somewhere or the whole 210000 counts as my selling price

[DanaB · Accepted solution]

You will have to enter the whole $210000 as the selling price. The repaid mortgage of $30000 cannot be deducted. For your information sales expenses include:

•  commissions
•  appraisal fees
•  broker's fees
•  legal fees
•  advertising fees
•  home inspection reports
•  title insurance
•  transfer taxes or fees
•  geological surveys
•  loan charges (points) or other fees paid on the buyer's behalf

Sales expenses do not include:

•  mortgage payoffs
•  home equity loan payoffs
•  rent-back costs
•  payoff to creditors
•  property taxes
•  homeowners' association fees

See this FAQ for additional information:

https://ttlc.intuit.com/replies/3388350