The ownership test for the sale of a personal residence states:
A)That a taxpayer must have owned the home for at least two years.
B)That a taxpayer must have lived in the home for at least two years.
C)That a taxpayer be the original owner of the residence.
D)None of these.

Question

Quizplus · Accepted Answer

The ownership test requires that a taxpayer must have owned the home for at least two years out of the five years preceding the sale to qualify for the capital gains exclusion on the sale of a personal residence.

The Ownership Test for the Sale of a Personal Residence