Accounting Section 121
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According to Sec. 121, individuals who sell or exchange their personal residence after May 6, 1997, may exclude part or all of the gain if the house was owned and occupied as a principal residence for
A. at least one year of the three-year period before the sale date.
B. at least two years of the five-year period before the sale date.
C. at least five years immediately before the sale date.
D. at last five years of the ten-year period before the sale date.
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Solution Summary
This solution explains the correct time period in which an individual may exclude part or all of the gain from the sale of a residence as income, as per Section 121 of the U.S. tax code.
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