The Taxpayer Must Elect to Have the Exclusion of Gain

question 14

True/False

The taxpayer must elect to have the exclusion of gain under § 121 (sale of principal residence) apply.

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Definitions:

Caregiver

An individual, typically a family member or paid helper, who regularly looks after a child, elderly person, or someone with illness or disability.

Stranger Anxiety

A fear of strangers common in infants at about 6 months and increasing in intensity until about 12 months, and then declining in the second year.

Taper Off

Gradually decrease the intensity or quantity of something, such as medication usage or exercise, over a period of time.

Months of Age

A measurement of time used to describe the age of an individual, specifically referring to the number of months since birth.