John M Lane CPA
Level 1
08-18-2020
04:53 PM
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Taxpayer owned a residence that will be sold in 2020.
The mortgage exceeds 1,000,000. and all was for building and purchase.
There is a substantial taxable gain in excess of $500K.
Can any of the excess interest be treated as a basis increase similar to sec 263a or investment
interest expense.
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sjrcpa
Level 15
08-18-2020
05:33 PM
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Possibly investment interest expense.
The more I know the more I don’t know.