According to Sec.121,individuals who sell or exchange their personal residence may exclude part or all of the gain if the house was owned and occupied as a principal residence for
A)at least five years immediately before the sale date.
B)at least one year of the three-year period before the sale date.
C)at least two years of the five-year period before the sale date.
D)at least five years of the ten-year period before the sale date.

Question

Quizplus · Accepted Answer

The individuals must have owned and occupied the personal residence as their principal residence for at least two years of the five-year period before the sale date to qualify for the exclusion of gain under Sec.121.