What is reported on 1099 when selling a property with a mortgage?

[Michael Dang]

Hi All,

I sold my first property which had a mortgage.  What is suppose to be reported on the title company's form 1099-S in box 2?  Is it the selling price of the property?

Shouldn't it be net price?  Selling price - outstanding mortgage principle - selling costs

I just want to avoid paying taxes on the selling price of the property when I actually only received a portion of it minus all the costs and mortgage principle.

Cheers,

Mike