Elliot's main home is secured by a debt of $1 million, of which $800,000 is qualified principal residence indebtedness. If his main home is sold for $700,000 and $300,000 of debt is discharged, what amount of the debt discharged qualifies for the Qualified Principal Residence Indebtedness Exclusion?

Answer rating: 100% (QA)

Answer I In Elliots case as his home was sold for 700000 and 30000... View the full answer