Sale of rental property

aldelgado · ‎February 23, 2022

I just spoke to a turbotax live expert regarding the sale of our rental property. They said I could add the mortgage loan payoff to the sales expenses. Is this correct?

Anonymous_ · ‎February 23, 2022

No. You cannot deduct the payoff of your mortgage balance as a sales expense.

DawnC · ‎February 23, 2022

No. Sales Expenses for selling your property include sales commissions, advertising, broker and legal fees, and transfer taxes.

I sold my rental property. How do I report that?

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Sale of rental property