Skip to main content
June 2, 2019
Question

Sold home in 2018. Can i deduct what i still owe to the mortgage company on the sale of the house for my capital gains calculation. i used the 250k exclusion plus the cost basis of the home but the gain is still a lot of money. The issue is, I sti

  • June 2, 2019
  • 2 replies
  • 0 views
No text available

    2 replies

    VolvoGirl
    Employee
    June 2, 2019

    Sorry No.  Having a mortgage doesn't affect your gain or loss.  Only Sales Price - Cost+Improvements.  Paying off the mortgage only affects the net proceeds.