A Married Couple Filing a Joint Tax Return Is Eligible

question 95

True/False

A married couple filing a joint tax return is eligible to exclude up to $500,000 of gain realized on the sale of a personal residence if both spouses meet the ownership test and at least one spouse meets the use test.

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Definitions:

Identify

To recognize or establish who or what someone or something is; to ascertain the origin, nature, or definitive characteristics of.

Infant Boys

Infant boys refer to male children in the earliest stage of life, generally considered to be the period from birth up to 2 years of age.

Parental Response

The reaction or behavior of parents in response to a certain behavior, need, or demand from their children.

Similarly

In a manner that shows likeness or comparability in aspects, characteristics, or effects.