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- A taxpayer who sells his or her principal residence at a realized loss can elect to recognize the loss even if a qualified residence is not acquired during the statutory time period True FalseWhich of the following payments made by tenant would NOT be included as consideration for property tax purposes? Select one: a. Rent. b. Refundable deposit. c. Management fee. d. Property tax.All of the following are covered under "Coverage D: Loss of Use" of the Homeowners 3 policy EXCEPT a. Additional living expenses if the home cannot be used because of loss from an insured peril. O b. The cost to repair or replace property destroyed by a covered peril. c. Loss of rent if part of the premises rented to a boarder cannot be used. O d. Additional living expenses if the home cannot be used because of the order of civil authority.
- In choosing between taking the standard deduction and itemizing deductions from AGI, what effect, if any, does each of the following have? a. The age of the taxpayer(s). b. The health (i.e., physical condition) of the taxpayer. c. Whether taxpayers rent or own their residence. d. Taxpayers filing status (e.g., single, married, filing jointly). e. Whether married taxpayers decide to file separate returns. f. The taxpayers uninsured personal residence was recently destroyed by a wildfire (the region was declared a disaster area by the Federal government). g. The number of dependents the taxpayer can claim.It refers to the right of mortgagor to redeem the mortgaged property after his default of the performance of his obligation by paying the secured obligation in order to prevent the public sale of his mortgaged property. a. Equity of redemption b. Right of redemption c. Right of preemption d. Equity of preemptionAc. Which of the following statements regarding the home office deduction is true? In order to qualify for the deduction, a portion of the taxpayer's home must be used regularly and exclusively to meet with clients or customers. A home office deduction is not allowed for using the home office for administrative or management activities only. The home office deduction is limited to the taxable income of the business before the deduction. A depreciation deduction is not allowed for a home office.
- A dwelling unit is considered as used for personal purposes on any day that it is rented to someone at less than a fair rental price. True or falseExplain the exclusion for gain on sale of personal residence. Does that exclusion apply to d sale of vacation home as well?For purposes of counting hours spent participating in a non rental real estate activity, participation by the taxpayers spouse is considered participation by the owner. True or false
- If property is inherited by a taxpayer, a.To the recipient, the basis for the property is the same as the basis to the decedent. b.At sale date, the basis of the property to the recipient differs depending on whether the property was sold at a gain or a loss. c.At sale date, the recipient will not have a gain or loss even if the recipient has held the property for more than a year. d.In general, the basis to the recipient is the fair market value at the decedent's date of death.Which of the following types of interest is not deductible? a.Qualified mortgage interest on residence b.Credit card interest c.Qualified mortgage interest on second residence d.All of these choices are correct. e.None of these choices are correct.The standard homeowners policy contains both property and liability coverages. True or False
