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:

National Assembly

A legislative body, typically in a revolutionary or transitional period, that represents the sovereign people in the formation of new governance structures.

French Citizens

Individuals holding citizenship in France, entitling them to certain rights, responsibilities, and privileges defined by the French government.

French Revolution

A period of radical social and political upheaval in France from 1789 to 1799, leading to the downfall of the monarchy, rise of republicanism, and significant changes in the country's political landscape.