Which of the Following Is/are Correct Concerning a Principal Residence

question 83

Multiple Choice

Which of the following is/are correct concerning a principal residence?
I.The maximum amount of gain a single taxpayer can exclude on the sale of a principal residence is $500,000.
II.To qualify for a $250,000 exclusion, a single taxpayer must have owned and used the property as a principal residence for at least 2 of the previous 5 years.
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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:

Chromosomes

Thread-like structures located inside the nucleus of animal and plant cells, made of protein and a single molecule of DNA, that carry genetic information.

Human Body Cell

The basic structural, functional, and biological unit of all known living organisms, specialized to perform tasks essential for the body's development and maintenance.

Genome

The full set of genes that are the instructions to make an individual member of a certain species.

Genes

Units of heredity made up of DNA that influence the development and functions of an organism.