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Questions and Answers
What determines the type of tax you pay when you sell or dispose of property?
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?
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?
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?
What form do you use to report short-term gains and losses from the sale of property?
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What is the maximum amount of gain from the sale of a personal residence that can be excluded from income?
What is the maximum amount of gain from the sale of a personal residence that can be excluded from income?
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