If a Taxpayer Owns More Than One Home,she Can Designate

question 60

True/False

If a taxpayer owns more than one home,she can designate the home that will be considered her principal residence for purposes of the Sec.121 exclusion.

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Definitions:

Invalid

Not acceptable according to law or void of legal significance; lacking in correctness or truth.

Witnesses

Individuals who observe or are present at an event and can provide testimony or evidence about what occurred.

Escheats

A legal process through which unclaimed or abandoned property reverts to the state.

Jointly Holding

The act of two or more parties possessing or controlling property together, sharing both rights and responsibilities associated with the ownership.