You'll need to sign in or create an account to connect with an expert.
No, the mortgage payoff is not part of the calculation for a gain or loss on the sale.
Gain or Loss = Sales Price minus Sales Expenses minus Adjusted Basis (Purchase Price plus the cost of improvements prior to the sale)
No, the mortgage and proceeds you get does not figure into it. Your net profit is Sales price minus cost/purchase.
No, the mortgage payoff is not part of the calculation for a gain or loss on the sale.
Gain or Loss = Sales Price minus Sales Expenses minus Adjusted Basis (Purchase Price plus the cost of improvements prior to the sale)
No, the mortgage and proceeds you get does not figure into it. Your net profit is Sales price minus cost/purchase.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
jeffellzey77
New Member
shuvneel
New Member
cparke3
Level 4
JasonSenior
New Member
Rdrake1968
Level 1
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.