To Qualify for the § 121 Exclusion, the Property Must

question 7

True/False

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

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Definitions:

Fitness Program

A structured regimen or schedule designed to achieve physical health goals, such as improving cardiorespiratory endurance, strength, flexibility, and body composition.

Fitness Level

A measure of an individual's physical health and abilities, often based on factors like strength, endurance, and flexibility.

Assemble Equipment

The process of putting together all necessary tools and devices required for a specific task or procedure.

Monitor Progress

The act of regularly assessing and documenting the advancement or change in a project, health status, or other ongoing activities.