The Ownership Test for Excluding Gain on the Sale of a Principal

question 65

True/False

The ownership test for excluding gain on the sale of a principal residence requires the taxpayer to have owned the property for three or more years during the five-year period ending on the date of sale.

---

Definitions:

Noise Pollution

Undesirable or harmful outdoor sound created by human activities, such as traffic, construction, and industrial operations.

High Blood Pressure

A condition in which the force of the blood against the artery walls is too high, potentially leading to health issues over time.

Meditation

A systematic method of concentration, reflection, or concentrated thinking designed to suppress the activity of the sympathetic nervous system.

Mental and Physical Calmness

Refers to a state of inner peace and stability in both one's psychological and physiological state, enabling clear thinking and well-being.