Taxpayers Meeting Certain Home Ownership and Use Requirements Can Permanently

question 128

True/False

Taxpayers meeting certain home ownership and use requirements can permanently exclude up to $1,000,000 of realized gain on the sale of their principal residence.

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Definitions:

Conquistadores

Spanish term for “conquerors,” applied to Spanish and Portuguese soldiers who conquered lands held by indigenous peoples in central and southern America as well as the current states of Texas, New Mexico, Arizona, and California.

Spanish Exploration

The period during the late 15th and early 16th centuries when Spain embarked on voyages to the Americas, Pacific, and other parts of the world, leading to colonization and the spread of Spanish culture and influence.

Disease

A disorder of structure or function in a human, animal, or plant, especially one that produces specific symptoms or affects a specific location and is not simply a direct result of physical injury.

Florida

A state located in the southeastern region of the United States, known for its warm climate, beaches, and as a popular tourist destination.