If Not Entirely Used in One Sale, the Unused Portion

question 9

True/False

If not entirely used in one sale, the unused portion of the $250,000 exclusion on the sale of a taxpayer's principal residence may be used to reduce the recognized gain on the sale of the taxpayer's next residence.

---

Definitions:

Seniors

Older adults or individuals who are typically 65 years or above, often considered as a demographic group with specific health, economic, and social needs.

Young-Old

A term often used to describe the segment of the elderly population considered to be in better health and more active than those who are older and potentially less healthy.

Old-Old

Refers to individuals who are roughly 85 years old or older, often highlighting distinctions in needs, health, and social aspects from younger elderly populations.

Aged

Referring to individuals who are considerably advanced in years; often used to describe the elderly population.