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1.
In order to qualify for the entire capital gain exclusion allowed on a home that you sell, you must have lived in it for a total of how many years?
2. This figure is an aggregate total.
2.
In the event that you live in your home for less than two years before selling it, you can get your home's capital gains partially excluded from taxes in which of the following situations?
All of the above. These are all valid reasons.
3.
How much of a loss on your home can you deduct on your tax return?
None of it. Unlike with other investments, you cannot deduct a loss on the sale of your home.
4.
If you do not meet the use test for exclusion of capital gains on your home, can you receive a partial exclusion under any circumstances?
Yes. You can receive a partial exclusion if you sell the house because of a change in employment, health, or other special circumstances, even if you do not meet the use test. For these circumstances, you can receive a portion of the exclusion based on the time of the two- year period you did live in the house.
5.
To determine how much you have gained or lost on your home when you sell it, you must subtract the _______ from the home's selling price.
Cost basis. The cost basis is the true cost of the home. It includes the purchase price plus improvements and various expenses and depreciation.