To review Chapter 15, “Income Taxation and Real Estate,” read the following True/False questions and answers.
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Question 1 of 6
A taxpayer may deduct interest payments on mortgage debt of up to $1,000,000 on her personal residence.CorrectIncorrect
Question 2 of 6
A taxpayer filing an individual return can exclude a gain of up to $500,000 from the sale of his principal residence.CorrectIncorrect
Question 3 of 6
To qualify for the exclusion of gain on the sale of a principal residence, a taxpayer must have owned and lived in the home for at least two of the last five years.CorrectIncorrect
Question 4 of 6
A property owner may deduct the annual ad valorem taxes on her property from her taxable income.CorrectIncorrect
Question 5 of 6
Repair expenses incurred by a homeowner are fully deductible in the year of the repairs.CorrectIncorrect
Question 6 of 6
The cost of improvements on investment properties can be depreciated.CorrectIncorrect