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:

S-shaped Segment

A segment of a structure, such as the colon, that curves twice in opposite directions resembling an "S".

Descending Colon

The segment of the large intestine after the transverse colon that descends the left side of the abdominal cavity.

Rectum

The final section of the large intestine, ending at the anus, where feces are stored before they are excreted.

Suspected Allergens

Substances that are believed to cause an allergic reaction in certain individuals.