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Basics Intermediate: What Tax Relief Can You Get for Your Home?

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1.
The mortgage interest credit is available to first-time homebuyers with _______.
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Low incomes. This is a tax credit meant to help those at low income levels.
2.
A new energy-efficient roof on your home might be tax deductible for you.
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True. Certain improvements for energy efficiency can get you a tax credit, though it is limited.
3.
Property taxes are also called _______.
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Real estate taxes. Property taxes are fully deductible from your income.
4.
The home mortgage deduction is unlimited.
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False. It is subject to certain limits of deductibility.
5.
Which of the following are not qualifying capital improvements for your home?
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Repairs to your roof, plastering, and fixing broken windows. These improvements do not add anything new to the home.