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. O A. False because an individual can designate the property as a principal residence for only one year after classifying it as a rental property. B. False because individual can designate the property as a principal residence indefinitely while it is used as a rental property without any conditions. OC. 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. D. False because all rental properties cannot be designated as a principal residence of its owner once it is a rental property. 4

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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 an individual can designate the property as a principal residence for only one year after classifying it as a rental property. B. False because individual can designate the property as a principal residence indefinitely while it is used as a rental property without any conditions. OC. 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 OD. False because all rental properties cannot be designated as a principal residence of its owner once it is a rental property. 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 an individual can designate the property as a principal residence for only one year after classifying it as a rental property. B. False because individual can designate the property as a principal residence indefinitely while it is used as a rental property without any conditions. OC. 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 OD. False because all rental properties cannot be designated as a principal residence of its owner once it is a rental property.