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Basics Intermediate:
What Tax Relief Can You Get for Your Home?
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Choose wisely. There is only one correct answer to each question.
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1.
Points charged by mortgage lenders are _______.
Choose wisely. There is only one correct answer.
Paid to real estate brokers by the mortgage lender
To compensate the lender for various administrative fees
Often as much as several hundred dollars
To compensate the lender for various administrative fees. These fees can easily be as high as several thousand dollars.
2.
Property taxes on your home are tax deductible if _______.
Choose wisely. There is only one correct answer.
They are assessed by a homeowner association
You itemize your deductions
The deduction is taken before the taxes are actually paid
You itemize your deductions. You must itemize your deductions, as opposed to taking the standard deduction.
3.
The home mortgage deduction is unlimited.
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True
False
False. It is subject to certain limits of deductibility.
4.
Which of the following are not qualifying capital improvements for your home?
Choose wisely. There is only one correct answer.
Repairs to your roof, plastering, and fixing broken windows
Adding a new roof, heating/cooling system, or a swimming pool
Landscaping, built-in appliances, and insulation
Repairs to your roof, plastering, and fixing broken windows. These improvements do not add anything new to the home.
5.
The mortgage interest credit is available only to certain homebuyers.
Choose wisely. There is only one correct answer.
True
False
True. It is available to low-income homebuyers who are buying their first home.
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