10.Big drawback to renting is that in most states and for federal income taxes,
ID: 2713612 • Letter: 1
Question
10.Big drawback to renting is that in most states and for federal income taxes, the payments are not tax deductible. A) True B) False
11.Financial aspects of rent or buy decision for housing is often dominated by which of these factors. (A) housing prices -and mortgage interest rates (B) Tax write-offs (C) expected change in values (D) All of the above
12.A couple starting out may have to wait several years to accumulate a 20% down payment, but there are federal programs often offered through ________ ___________, which can help them. A) Shadow Banks B) Investment banks C) Angel banks D) FHA & the VA
15.Homeowners buy homes with an expectation of acquiring equity, if housing prices decline they may find themselves actually upside-_______ with the market value of their home less than the amount they owe on the mortgage. A) bankrupt, B) red lined C) down D) broke
16.Negative ________________ means the amount of home equity is decreasing instead of increasing. A) appreciation, B) amortization, C) disequilibrium, D) equity
17.With an interest only mortgage ______________________ payments will occur later in the loan. A) lower B)equal C) higher D) variable
18.A 30 year ______ mortgage, is useful to consumers who want to safely build equity, without the threat of ethically usurious interest rates charged in most ARMs sold to the public in the recent past, if the homeowner can refrain from using the equity in the home as a piggy bank, then there is a good chance of retiring with the full equity of the home. A) Buy downs B) Fixed C)Reverse D) All of the above
19.The author cautions us to beware of dishonest _____________________ providers that charge exorbitant fees. A) Subprime mortgage B) Home equity loan C) Reverse mortgage
20.ARMs with a _______________ on the monthly payment can result in negative amortization.
Explanation / Answer
10)
Given statement is TRUE.
In only some of the federal states rental payments are tax deductible and some states gives tax credit. Though many states do not give deduction for rental payments, some of those will give credit for property taxes paid in relation to rented property.
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