Which of the Following Is/are Correct Regarding the Sale of a Principal

question 94

Multiple Choice

Which of the following is/are correct regarding the sale of a principal residence?
I.A single taxpayer can only use the $250,000 exclusion once every 3 years.
II.Married taxpayers who both meet the ownership and use tests and file jointly can each exclude $250,000 of gain ($500,000 total) on the sale of their principal residence.
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• A)Only statement I is correct.
• B)Only statement II is correct.
• C)Both statements are correct.
• D)Neither statement is correct.

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Definitions:

Sociological Research

The systematic study of society and social behavior, often involving empirical investigation and analysis to understand social structures, relationships, and functions.

Proxemic Communication

The study and understanding of how people use physical space in communication, emphasizing personal boundaries and spatial relationships.

Personal Space

The physical and psychological area surrounding an individual that they consider their own, influencing comfort levels in social interactions.

Sexual Attraction

The feeling of being drawn toward another individual in a sexual way, influenced by physical, emotional, or psychological factors.