To Qualify for the § 121 Exclusion, the Property Must

question 26

True/False

To qualify for the § 121 exclusion, the property must have been used by the taxpayer for the 5 years preceding the date of sale and owned by the taxpayer as the principal residence for the last 2 of those years.

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Definitions:

Parental Example

The behaviors, attitudes, and actions of parents, which serve as a model for their children to emulate.

Identity Status

A concept in psychology referring to the degree to which an individual has explored and committed to a particular set of values, beliefs, or roles.

Suicide Contagion

The phenomenon where exposure to suicide or suicidal behaviors within one's community or through media can lead to an increase in suicide attempts or completed suicides among others.

Own Identity

The set of personal characteristics, values, and beliefs that an individual recognizes as uniquely defining themselves and differentiating them from others.