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.

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Definitions:

Burnout

A state of physical, emotional, and mental exhaustion caused by prolonged stress, particularly from overwork or job-related pressures.

Technology

Encompasses the collection of tools, machinery, modifications, arrangements, and procedures used by humans to create goods and services, solve problems, and improve existing solutions.

In Person

A mode of interaction or attendance that involves physical presence in a particular location, as opposed to being remote or virtual.

Death Notifications

This refers to the formal process of informing individuals about a person's death, usually done by officials or institutions in a sensitive and regulated manner.