If Married Taxpayers Live in Their Personal Residence for More

question 53

True/False

If married taxpayers live in their personal residence for more than two years,the couple can exclude a maximum of $250,000 on the gain from the sale of the residence.

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Definitions:

Protective Factors

Attributes or conditions in individuals, families, communities, or the larger society that mitigate or eliminate risk and help people deal with stressful events effectively.

Adverse Circumstances

Situations or conditions that unfavorably affect one's well-being, success, or survival.

Poor Outcomes

Unfavorable results or consequences in any situation, often linked to health, education, or social circumstances.

Resilience

The capacity to recover quickly from difficulties; toughness or the ability to bounce back from stress or adversity.