flood insurance policy can only be purchased through the National Flood Insurance Program (NFIP). This policy is for homes located in special flood hazard areas. The policy covers direct physical loss by flood, by flood-related erosion, or by mudslide.Insurance Broker:•Insurance brokers work for the client and not an insurance company. They perform the search for the best policy and terms for the client. They negotiate terms and prices, assist with claims, and provide risk management advice. Brokers may be authorized to actually issue a policy or to bind an insurance company to issue a policy. The client pays the broker who then pays the company.National Flood Insurance Program:•Flood insurance policies can only be purchased through the National Flood Insurance Program (NFIP). This policy is for homes located in special flood hazard areas. The policy covers direct physical loss by flood, by flood-related erosion, or by mudslide.
Chapter 33 - Federal Income Tax ImpactsDefinitions•Income Tax•Earned Income•Active Income•Passive activity•Marginal tax bracket•Capital gain•Realized capital gain•Short-term capital gain•Capital loss•BasisDefinitions•Adjusted basis•Depreciation•Appreciation•Deduction•Credit•Equity•Points
Chapter 33 (continued)Income:•Salaries, wages, tips, professional fees, and other amounts received as pay for work performed.
Chapter 33 (continued)Income tax deductionsMortgage interest credit(for first-time home buyers)•Eligible (U.S. citizen or permanent resident, first-time home buyer, qualified vet, home located in federally designated area, meet lender’s credit, income, and loan requirements)•Sale of personal residence (capital gain exclusion $250,000 for singles / $500,000for married filing jointly / can only be used every 2 years)•Primary residence for 2 of past 5 years prior to sale•Not acquired through like-kind exchange during past 5 years•Owner not subject expatriate tax
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