Solved
selling rental property
My brain isn't working well--
if you bought a rental property for $150,000, and a few years later sell it for $300,000
(not adding/subtracting costs and basis here), you have a profit of $150,000.
However, you still had a loan of $90,000. Do you subtract the amount of the loan from the profit to get to the net profit you pay taxes on?
