For Determining Whether a Taxpayer Qualifies to Exclude Gain on the Sale

question 50

True/False

For determining whether a taxpayer qualifies to exclude gain on the sale of a principal residence, the periods of ownership and use need not be continuous nor do they need to cover the same two-year period.

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Definitions:

Last Refill Date

The most recent date on which a prescription medication was refilled for a patient, indicating when the medication was last obtained.

Directly with the Provider

Refers to interacting or communicating without intermediaries directly with healthcare professionals or service providers.

Caller's Full Name

The complete name of an individual making a phone call or request, often required for identification or record-keeping purposes.

Date of Birth

The specific day on which a person was born, including the day, month, and year.