Wyatt sells his principal residence in December 2019 and qualifies for the § 121 exclusion. He sells another principal residence in November 2020. Under no circumstance can Wyatt qualify for the § 121 exclusion on the sale of the second residence.
Answer the following statement true (T) or false (F)
False
Rationale: Generally, a taxpayer must wait two years from the use of the § 121 exclusion to again be eligible to use the § 121 exclusion. However, under a relief provision, the two-year ownership and use requirement and the only once every two years provision are waived associated with the following.
| Change in place of employment. | |
| Health effects. | |
| To the extent provided in the Regulations, other unforeseen circumstances. |
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