When calculating the proceeds of disposition from the sale of your principal residence, do you deduct the amount still owing on the mortgage?

wally-ehwall · ‎October 30, 2019

TurboTaxLise · ‎October 30, 2019

Please review the link below from TurboTax Tips that will complete your answer:

Proceeds of Disposition : https://turbotax.intuit.ca/tips/proceeds-of-disposition-5197

MarkHack · ‎April 25, 2022

The link provided does NOT answer the question which was specifically - "do you (or 'can you') deduct the amount still owing on the mortgage?"

I would like to know if there are ANY costs related to the SALE that are deducted from the sale price of a principle residence to arrive at the 'Proceeds of Disposition?

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When calculating the proceeds of disposition from the sale of your principal residence, do you deduct the amount still owing on the mortgage?

When calculating the proceeds of disposition from the sale of your principal residence, do you deduct the amount still owing on the mortgage?

When calculating the proceeds of disposition from the sale of your principal residence, do you deduct the amount still owing on the mortgage?

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When calculating the proceeds of disposition from the sale of your principal residence, do you deduct the amount still owing on the mortgage?

When calculating the proceeds of disposition from the sale of your principal residence, do you deduct the amount still owing on the mortgage?

When calculating the proceeds of disposition from the sale of your principal residence, do you deduct the amount still owing on the mortgage?

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