sold and bought a house in 2016
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.