GPFP - 4 Flashcards

0
Q

Taxpayers who need to move due to health, employment, or other unforeseen circumstances can prorate the ___ exclusion based on the number divided by ___.

A

$250,000/$500,000

24 months

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1
Q

If married taxpayers own their home for two years or longer, they can exclude up to ___ of the gain from taxation (___ for single taxpayers).

A

$500,000

$250,000

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2
Q

In addition to the regular capital gains rate on gains in excess of the exclusion amount, the sale of the residents may trigger the ___% additional tax on investment income for individuals with an adjusted gross income above $200,000 and joint filers above $250,000 ($125,000 MFS).

A

3.8%

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3
Q

Mortgage financing: a point is ___% of the loan amount.

A

1%

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