The Maximum Amount of the § 121 Gain Exclusion on Sale

question 38

True/False

The maximum amount of the § 121 gain exclusion on sale of a principal residence is $250,000 for a single individual and $500,000 for a married couple.

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Definitions:

Decriminalization

The reduction or elimination of legal penalties for certain acts, previously considered criminal offenses, without making the act legal.

Longitudinal Research

A method of study that follows the same participants over a period of time to observe changes or development.

Social Factors

Elements within society, such as family, education, income, and relationships, that influence an individual's behavior, attitudes, and life chances.

Smoking

The practice of inhaling and exhaling the smoke of tobacco or a drug.