I have a 96 Honda Accord that I got a couple of weeks ago that has about 50000 miles on it. I have heard that the odometers will reset after 299999 miles back to zero is that possible. Trying to figure out if this is possible.

 

It will not reset unless it hit 999999. I think it would be pretty obvious if the car actually had a million miles on it.
However, the speedometers in the 94-97's were notorious for going out, and many people had clusters replaced. If a new cluster was used, it would have read "o" at the time of the replacement.

 

50,000 does seem low for that year. If you run a carfax it should tell you if it's actual mileage is unknown(meaning when it was inspected one year it had less miles than the year before).

 

If a dealership replaced the speedometer (with a new Odometer) they usually put a sticker in the door jam with the mileage and date of service. It might be worth a look