GPFP - 4

Question 0

Taxpayers who need to move due to health, employment, or other unforeseen circumstances can prorate the ___ exclusion based on the number divided by ___.

Answer 0

$250,000/$500,000

24 months

Question 1

If married taxpayers own their home for two years or longer, they can exclude up to ___ of the gain from taxation (___ for single taxpayers).

Answer 1

$500,000

$250,000

Question 2

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).

Answer 2

3.8%

Question 3

Mortgage financing: a point is ___% of the loan amount.

Answer 3

1%