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
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
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%
3
Q
Mortgage financing: a point is ___% of the loan amount.
A
1%