John M Lane CPA
Level 1

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.

0 Cheers
sjrcpa
Level 15

Possibly investment interest expense.


Ex-AllStar