To Qualify for the § 121 Exclusion, the Property Must

question 26

True/False

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

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Definitions:

Dreaming

A series of thoughts, images, and sensations occurring in a person's mind during sleep, often associated with rapid eye movement (REM) sleep phases.

Neurosis

A broad category that includes a range of mental health issues characterized by emotional distress, anxiety, or depression, but without delusions or hallucinations, where coping mechanisms can still function.

Object Relations Theory

A psychoanalytic theory focusing on relationships and the impacts of early interactions between infants and their caregivers.

Personality

The mix of attributes or qualities that constitute a person's unique identity.