Author Question: Which of the following statements isfalsewith regard to the ownership and use tests under Sec. 121? (Read 36 times)

mp14 · **on:** Sep 13, 2020

Which of the following statements is false with regard to the ownership and use tests under Sec. 121?
◦ The taxpayer must be occupying the residence at the time of the sale in order for Sec. 121 to apply.
◦ If a principal residence is sold before satisfying the ownership and use tests, part of the gain may be excluded if the sale is due to a change in employment, health, or unforeseen circumstances.
◦ For purposes of the two-year ownership rule, a taxpayer's period of ownership includes the period during which the taxpayer's deceased spouse owned the residence.
◦ When a taxpayer receives a residence from a spouse or an ex-spouse incident to a divorce, the taxpayer's period of owning the property includes the time the residence was owned by the spouse or ex-spouse.

bookworm410 · **Reply #1 on:** Sep 13, 2020

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