Are You a Tax-Savvy Seller?
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Questions and Answers

What determines the type of tax you pay when you sell or dispose of property?

  • All of the above
  • The type of property you sell (correct)
  • Your income
  • The length of time you held the property

    • What is the difference between short-term and long-term capital gains tax?

  • The length of time the property was held (correct)
  • The amount of tax owed
  • The income level of the seller
  • The type of property sold

    • What is the maximum amount of capital losses you can use to offset ordinary income each year?

  • $4,000
  • $1,000
  • $2,000
  • $3,000 (correct)

    • What form do you use to report short-term gains and losses from the sale of property?

    <p>Schedule D of Form 1040 (A)</p> Signup and view all the answers

    What is the maximum amount of gain from the sale of a personal residence that can be excluded from income?

    <p>$250,000 (A)</p> Signup and view all the answers

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