Which of the following statements regarding the exclusion of gain on the sale of a principal residence is correct? A taxpayer may exclude gain if the taxpayer is renting the residence at the time of the sale. A taxpayer may only exclude a gain from the sale of a principal residence once every two years. A taxpayer must be living in a residence at the time it is sold to qualify for the exclusion. For a married couple to qualify for the $500,000 exclusion, both spouses must meet the ownership and use tests