Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 02-15-2017, 07:11 PM
Junior Member
 
Join Date: Feb 2017
Posts: 1
sold and bought a house in 2016

Hello All,

I'm new with a question that is probably simple for most.

I sold our primary residence in 2016 for $130K and I purchased a new primary residence for $349K. I put a chunk of money down on the new home and I owe $150K on it at 3% interest.

Since there are no capital gains involved, can I still use the 1040A form and take the standard deduction? My contributions and mortgage interest don't come close to the standard deduction.

Thanks,
John



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Sold 2 properties in 2016, which do I pay taxes on? Both? None? ktbass Capital Gains 3 01-09-2017 06:32 PM
Property Sold And Bought New Properties [MZ] Capital Gains 1 04-01-2015 09:22 PM
Bought house in Dec 2008, anyway to still get the $8000 tax credit!? CandC Homeowner Tax 0 12-11-2009 05:47 PM
How to report Loss- Stocks Bought in Dec 2006, sold in Feb 2007.. pruthik_21 Capital Gains 3 02-05-2008 04:49 PM
Should I report to IRS that I bought a house? simio Miscellaneous 1 01-31-2007 01:19 AM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning