1. A taxpayer who sells a principal residence that has been used as a rental property will not be allowed to exclude the portion of the gain attributable to depreciation even if the taxpayer meets the ownership and use tests and the gain realized on the sale is lower than the maximum exclusion amount.

True or False

2. Under the tax law, a taxpayer's itemized deduction for home mortgage interest in any one particular year is limited to $10,000.

True or False

3. Taxpayers with high AGI are not allowed to deduct home mortgage interest expense.

True or False

4. The amount of a taxpayer's itemized deduction for all taxes combined, including state income taxes and real property taxes, is limited to $10,000 ($5,000 if married filing separately).

True or False