3. TF Taxpayers who sell or exchange their personal residence may exclude up to $250,000 of gain if it was owned and occupied as a principal residence for at least two years of the fiveyear period before the sale or exchange and the exclusion has not been taken in the past two years. A married couple filing joint can get the $500,000 exclusion, if both meet the use test, at least one meets the ownership test and neither spouse is ineligible for the exclusion because he or she sold or exchanged a residence within the last two years. 4. Miranda's filing status is Single. Miranda's principal residence is a condominium apartment located in the upper West Side in Manhattan, New York City. She recently sold her vacation home that she has owned for the past 10 years that is located in the South Hampton, Long Island at a gain of $250,000. Is it True or False that Miranda can exclude the entire gain from the sale of her vacation home from her taxable income based upon the sale of a principal residence exclusion that we learned in class? 5. T T time. Should he opt to sell it at a $250,000 gain, is it True or False that Ira may be able to exclude this entire gain from his taxable income based ypon the houseboat qualifying as a sale of his principal residence even though he is living in a houseboat? 6. TF The tax savings that tax deductions provide can be measured based upon the taxpayers' tax rate or tax bracket applied to the deduction while a tax credit provides a full dollar for dollar savings from the amount of tax the taxpayer owes