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22clwilliams
January 16, 2022
Question

Mortgage payoff on home sale

  • January 16, 2022
  • 3 replies
  • 0 views

We sold our primary residence in 2021.  Our mortgage was paid off with the sale proceeds.  Does the mortgage factor into the cost basis of the home?  

    3 replies

    B
    Bsch4477
    Employee
    January 16, 2022

    No. Capital improvements factor into that calculation as well as the cost of the home when you bought it. 

    VolvoGirl
    VolvoGirl
    Employee
    January 16, 2022

    Well the Mortgage was part of your original cost or what you bought it for.   If you bought it for 100,000  and put down 20,000 and got a mortgage for 80,000 - your cost is still the full 100,000 purchase price.   

      2
      22clwilliamsAuthor
      January 18, 2022

      Thank you. 

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