At most, a taxpayer is allowed to exclude gain on the sale of a principal residence once every five years no matter the circumstances.

Question

Quizplus · Accepted Answer

This statement is false. Taxpayers can exclude gain on the sale of a principal residence as often as once every two years as long as they meet certain eligibility requirements, such as owning and using the home as their primary residence for at least two of the previous five years.

At Most, a Taxpayer Is Allowed to Exclude Gain on the Sale