SYSTEM 3 7SV 5187 111 To qualify for a reduced exclusion of

SYSTEM 3 7SV 5187 111. To qualify for a reduced exclusion of gain on the sale of your main home because of a change of employment, the change must be made by a qualified individual. Which one of the following statements is correct in this regard? a. b. C. You are a qualified individual. Your spouse is a qualified individual. A person whose main home is the same as yours is individual All of the above is correct. a qualified d. 112. To qualify for a reduced exclusion of gain can stem from a change of place of employment. How far does the new place of employment from your home than the former place of employment was? a. b. c. d. At least 25 miles. At least 50 miles. At least 75 miles. At least 100 miles. 113. A reduced exclusion of the gain on the sale of your home may be allowed because of health reasons of certain qualifying individuals. Which one of the following statements is correct in this regard? a. Your parent is a qualifying individual. b. Your mother-in-law is a qualifying individual. c. Your step-father is a qualifying individual. d. All of the above is correct. 114. To qualify for the maximum allowable exclusion of the gain you must have owned and lived in the home for a certain period of time. What is that period of time? a. b. C. d. Two out of the last 3 years. Two out of the last 5 years Three out of the last 5 years. Three out of the last 7 years.

Solution

111. D - All of the above

112. B - at least 50 miles

113. D all of the above

114. B two out of last 5 years