The ownership test for excluding gain on the sale of a principal residence requires the taxpayer to have owned the property for three or more years during the five year period ending on the date of sale.The taxpayer must have owned the property for two or more years.

Question

Quizplus · Accepted Answer

The ownership test requires the taxpayer to have owned the property for at least two years during the five-year period ending on the date of sale, not three years.

The Ownership Test for Excluding Gain on the Sale of a Principal