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

Question

Quizplus · Accepted Answer

To qualify for the § 121 exclusion, the property must have been owned and used as the taxpayer's principal residence for at least two of the five years preceding the date of sale, not all five years.

To Qualify for the § 121 Exclusion, the Property Must