Wyatt Sells His Principal Residence in December 2018 and Qualifies

question 135

True/False

Wyatt sells his principal residence in December 2018 and qualifies for the § 121 exclusion. He sells another principal residence in November 2019. Under no circumstance can Wyatt qualify for the § 121 exclusion on the sale of the second residence.

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Definitions:

Personal Property

Items of property that are not fixed to one location and can be moved, such as furniture, vehicles, and electronics.

Classification

The systematic arrangement into categories or groups based on shared characteristics or criteria.

Ascertainable Value

A clear and definite value that can be precisely identified or determined, often used in contexts involving contracts or financial transactions.

Ownership

The legal right or title to an asset or property, granting the owner control and benefits from its use or disposition.