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A single taxpayer may
a.) not exclude from current income any of the capital gains on the sale of a home
b.) exclude up to $250,000 of the capital gain every time he or she sells a home as long as they have lived in the home for a period of two years
c.) exclude up to $250,000 of the capital gain every time he or she sells a home only if they are at least 55 years of age
d.) exclude all of the capital gain on the sale of a home; however, this exclusion may only be taken once in a lifetime
Your monthly house payments should not exceed
a.) 25% of your take home per month
b.) 33% of your monthly gross income
c.) 2.5 times your annual income
d.) 33% of your monthly take home pay
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