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1.
Which part of a home mortgage is tax-deductible for those who qualify for the deduction?
Interest. Only the interest is deductible.
2.
Which of the following are not qualifying capital improvements for your home?
Repairs to your roof, plastering, and fixing broken windows. These improvements do not add anything new to the home.
3.
Property taxes on your home are tax deductible if _______.
You itemize your deductions. You must itemize your deductions, as opposed to taking the standard deduction.
4.
Which of the following is most true about home office deductions?
If you use a portion of your home exclusively for business, you may be able to deduct home costs such as repairs, depreciation, and insurance, related to that portion. Costs must be related only to the portion of the home used exclusively for business.
5.
The mortgage interest credit is available to first-time homebuyers with _______.
Low incomes. This is a tax credit meant to help those at low income levels.