While a structure is adding value to the land, this is called:
Highest and best use
Anticipation
Conformity
Economic life
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Economic Life
When can an owner of a single family residence depreciate the property for tax
purposes?
When the property is sold
If it is owner occupied
If the property is a rental
If it is held for 272 years
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If the property is a rental
What is deductible on a federal tax return?
Passive solar energy items
Principal loan payments
Loss on a personal residence
Depreciation on income property
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Depreciation on income property
In order to qualify for a tax deferred exchange, the properties must be:
Same monetary value
Like for like
Matching equities
Equal mortgage amounts
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Like for like
If a seller conveys property with the idea of completing a tax deferred exchange and
designates the exchange property 25 days after close of escrow, which of the
following is true?
If the seller waits beyond 25 days, the property does not have to be like for like
The seller has 45 days to identify the exchange property at close of escrow
, The seller must identify the exchange property at COE.
The first sale is fully taxable
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The seller has 45 days to identify the exchange property at close of escrow
Capital Gains Formulas total
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Adjusted Sales Price
(-) Adjusted Basis
= Capital Gains
Sales Price
(-) Commissions
(-) Closing Costs
= Adjusted Sales Price
Basis (Purchase Price)
(+) Acquisition Costs
(+) Capital Improvements
(-) Depreciation
= Adjusted Basis
A borrower is required to put 10% down for the purchase of a property. The 10% down
would be considered:
Equity
Boot
Tax shelter
Leverage
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Highest and best use
Anticipation
Conformity
Economic life
Give this one a try later!
Economic Life
When can an owner of a single family residence depreciate the property for tax
purposes?
When the property is sold
If it is owner occupied
If the property is a rental
If it is held for 272 years
,Give this one a try later!
If the property is a rental
What is deductible on a federal tax return?
Passive solar energy items
Principal loan payments
Loss on a personal residence
Depreciation on income property
Give this one a try later!
Depreciation on income property
In order to qualify for a tax deferred exchange, the properties must be:
Same monetary value
Like for like
Matching equities
Equal mortgage amounts
Give this one a try later!
Like for like
If a seller conveys property with the idea of completing a tax deferred exchange and
designates the exchange property 25 days after close of escrow, which of the
following is true?
If the seller waits beyond 25 days, the property does not have to be like for like
The seller has 45 days to identify the exchange property at close of escrow
, The seller must identify the exchange property at COE.
The first sale is fully taxable
Give this one a try later!
The seller has 45 days to identify the exchange property at close of escrow
Capital Gains Formulas total
Give this one a try later!
Adjusted Sales Price
(-) Adjusted Basis
= Capital Gains
Sales Price
(-) Commissions
(-) Closing Costs
= Adjusted Sales Price
Basis (Purchase Price)
(+) Acquisition Costs
(+) Capital Improvements
(-) Depreciation
= Adjusted Basis
A borrower is required to put 10% down for the purchase of a property. The 10% down
would be considered:
Equity
Boot
Tax shelter
Leverage
Give this one a try later!
