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Question: A married couple has lived in their home (principal residence) for three years and...

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Accounting

Question: A married couple has lived in their home (principal residence) for three years and qualifies as a 121 exclusion. The couple decides to move to another state where the husband has recently started a new job, and purchase a new principal residence. The couple decides one year later to move into a bigger house across town. Will the sale of their old residence qualify under 121? Justify your answer.

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