= When the use of a property changes from a rental property to a principal residence, an individual taxpayer can elect to have the property designated as a principal residence for up to four years while it was used as a rental property. ... OA. False because all rental properties cannot be designated as a principal residence of its owner once it is a rental property. OB. False because an individual can designate the property as a principal residence for only one year after classifying it as a rental property. OC. False because individual can designate the property as a principal residence indefinitely while it is used as a rental property without any conditions. O D. True because an individual can designate the property as a principal residence for up to four years while it is used as a rental property