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How to Save on Energy Bills

Save Money by Cancelling Your Private Mortgage Insurance (PMI)

How to Buy a Foreclosed Home

Energy Conservation for the Kitchen

How to Insure Your Home and Save Money

Lower Winter Heating Costs

File Your Income Tax Returns Early and Save Money

Top Five Homeowner Tax Saving Ideas


 

Pop Quiz

True or False:

1. If you are single and sell your house, the maximum amount of gain you may be able to exclude is $125,000.
True False

2. If you are married and sell your house, the maximum amount of gain you may be able to exclude is $500,000.
True False

3. You can qualify for the exclusion of gain on the sale of a home even though you never used it as a principal residence.
True False

4. You can rent your home to someone for less than 15 days a year and not have to report the rent for income tax purposes.
True False

5. You figure the amount of equity in your home for purposes of getting a home equity loan by subtracting the amount of the mortgage on your home from its market value.
True False

6. A home equity mortgage can be a source of tax-free cash.
True False

7. You can't deduct interest on credit card balances but you may be able to deduct interest on a home equity loan.
True False

8. The value of improvements you make to your home yourself, like a new bedroom, is not covered by the home sale exclusion.
True False

9. When you sell your home to trade up to a bigger home, you can get tax free cash for yourself from a mortgage on the new home.
True False

10. The rule permitting the exclusion of gain on the sale of your principal residence applies to only one sale in a lifetime.
True False


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