soul is single
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soul is single. He purchased a new main home in March of 2019 for $900,000. soul will be itemizing his deductions. On what portion of the acquisition debt will interest be deductible on soul's tax return for 2021?
$375,000
$500,000
$750,000
$900,000
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- GadubhaiVikrambhaiOn July 1, 2019, Ted, age 73 and single, sells his personal residence of the last 30 years for $368,000. Ted's basis in his residence is $48,776. The expenses associated with the sale of his home total $22,080. On December 15, 2019, Ted purchases and occupies a new residence at a cost of $175,000. Calculate Ted's realized gain, recognized gain, and the adjusted basis of his new residence. Realized gain $ Recognized gain $ Adjusted basis of the new residence $
