Which of the following is true about the gain excluded on the sale of a personal residence by certain individuals?

Group of answer choices:

1.Any portion of gain in excess of the $250,000/$500,000 limit must be recognized.

2.The taxpayer generally must be at least 55 years of age on the dale of sale. If the MFJ, both must be at least 55 years of age.

3.Only one residency qualifies for this exclusion during a person's lifetime.

4.The residence must have been used by the taxpayer as his/her personal residence for at least five of the last seven year preceeding the sale.