Which of the Following Statements Regarding the First Time Home

question 36

Multiple Choice

Which of the following statements regarding the first time home buyer credit is correct?

• A)Taxpayers who acquired a home in 2009 and claimed the credit are required to pay the credit back if they live in the home for less than 15 years.
• B)Taxpayers who acquired a home in 2010 and claimed the credit are required to pay the credit back if they live in the home for less than 5 years.
• C)Taxpayers who acquire a home in 2013 are not eligible for the credit.
• D)None of these

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Definitions:

Conscious System

Refers to the parts of the mind that are aware of surroundings, thoughts, and feelings at any given moment.

Planning Fallacy

The tendency for plans to be overly optimistic because the planner fails to allow for unexpected problems.

Overly Optimistic

Describes a tendency to hold a rosier outlook than reality might support, often resulting in unrealistic expectations.

Hierarchy Of Goals

A prioritized structure of objectives, ranging from the most immediate and individual to the broad and long-term.