Real Estate Update in Palo Alto & Los Altos

$1,695,000 SqFt: 2,652
Remarks:
Huge price reduction 10/8/07. Expansive single-level open floor plan allows for large gatherings and an easy flow onto […]

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So yes, you could indeed pay tax on the money that was used to pay back the mortgage even though you don’t get any of it.
Let’s assume the example homeowner mentioned earlier has nonrecourse mortgage debt of $110,000 and an adjusted basis of $20,000 in the home, which has a fair market value of $100,000. […]

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