I sold the non-home land for $60,000. I had to put $34,000 towards my mortgage for Partial Release of First Mortgage Loan. At the title company, the "balance due to seller" was ~$23,000. Do i report $57,000 for income or $23,000? How do i determine the "initial cost" of the property when it was part of my home purchase? Do I have to report it at all since it was part of my home purchase initially?
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