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Old 02-15-2017, 07:11 PM
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Join Date: Feb 2017
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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



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