To Qualify for the § 121 Exclusion, the Property Must

question 26

True/False

To qualify for the § 121 exclusion, the property must have been used by the taxpayer for the 5 years preceding the date of sale and owned by the taxpayer as the principal residence for the last 2 of those years.

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Definitions:

Acquired Savant Syndrome

A condition where a person acquires prodigious capabilities or skills following a brain injury or disease that they did not have before.

Brain Tissue

Brain tissue comprises neurons and glial cells that make up the brain, responsible for everything from processing information to controlling bodily functions.

Personality Changes

Alterations in an individual's characteristic patterns of thinking, feeling, and behaving, often due to neurological conditions, life experiences, or psychiatric disorders.

Schizophrenia

A mental disorder characterized by distorted thinking, perceptions, emotions, sense of self, and behavior.