To Qualify for the § 121 Exclusion, the Property Must

question 165

True/False

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

---

Definitions:

Marital Happiness

A state of contentment and satisfaction experienced within a marriage, stemming from emotional, physical, and relational well-being between partners.

Adult Personality Development

The continued growth and change of personal identity and personality traits during adulthood.

Lifelong Marital Relationship

A committed partnership between two individuals that is intended to last for the duration of their lives.

Personalities

Refers to individual differences in characteristic patterns of thinking, feeling, and behaving.