Which of the following is not true of principal residences?
A)"Principal residence" can refer only to property which the taxpayer owns.
B)A taxpayer cannot occupy two principal residences at the same time.
C)If a taxpayer rents out his or her former principal residence while trying to sell it, it may still qualify as the taxpayer's principal residence for purposes of § 121.
D)A taxpayer can exclude gain only on the sale of one property every two years.

Question

Quizplus · Accepted Answer

A principal residence does not necessarily have to be owned by the taxpayer; it can also be a property that the taxpayer rents and occupies as their main home.

Which of the Following Is Not True of Principal Residences