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:

Mitotic Cleavages

A series of cell divisions without growth phases that occur in the early embryo, leading to an increase in cell number and the formation of the multicellular structure.

Fertilization

The process of a sperm cell uniting with an egg cell, leading to the development of a fertilized egg or zygote.

Zygote

The initial cell formed when a sperm cell fertilizes an egg cell, representing the earliest stage of embryonic development.

Prenatal Development

The process of growth and development within the womb from conception to birth.