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Flashcards in GPFP - 4 Deck (4)
0

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

$500,000
$250,000

1

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

$250,000/$500,000
24 months

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).

3.8%

3

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

1%