Accounting section 121, According to Sec. 121, individuals

Accounting section 121

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Reference no: EM1358794

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.

Reference no: EM1358794

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