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Author Question: All of the following statements are true with regard to personal residencesexcept: (Read 61 times)

renzo156

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All of the following statements are true with regard to personal residences except:
◦ Temporarily renting property that was formerly the taxpayer's principal residence does not automatically preclude the use of Sec. 121.
◦ To qualify for favorable tax treatment under Sec. 121, the residence must be either the taxpayer's principal residence or a secondary residence.
◦ In the case of married taxpayers, an individual may claim the exclusion even if the individual's spouse used the exclusion within the past two years.
◦ Houseboats, house trailers, and condominium apartments may qualify as a principal residence.


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Marked as best answer by renzo156 on Sep 13, 2020

Laurenleakan

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renzo156

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Reply 2 on: Sep 13, 2020
:D TYSM


nyrave

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Reply 3 on: Yesterday
Excellent

 

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