Main Home

Main Home

The place where one lives most of the time. The main home is important to persons who own multiple properties because vacation homes and investment properties are taxed differently than the main home. In particular, one is not required to pay capital gains tax on the sale of a main home, provided one then buys another main home of equal or greater value. A main home is also called a principal residence.

Main Home

See "principal residence," defined elsewhere in this glossary.
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References in periodicals archive ?
5-bathroom estate sits on three acres of land and is comprised of three properties including the main home, the guest house and the casita, as well as three courtyards.
He had made 23 declarations that it was his main home and claimed the expenses were claimed in error.
The businessman was found to have lied about owning Oaklands Park, a 100-acre estate in Surrey with a 12,000 sq/ft main home and four further cottages.
The ability to make a main residence election can bring important tax benefits, for example, you elect for the holiday home to be your private residence with effect from September 1, 2014, and then you make another election to change it back to your main home from 8 September ,2014.
TV Licensing warned owners of static caravans or mobile homes to remember they require a valid licence for their holiday accommodation if a television is being used to receive or record programmes in the caravan and at their main home address at the same time.
Given its location, the property would make an ideal main home, second home or investment.
This desirable residence comes with an annexe above the garage, and the entry to the main home is through the stunning kitchen.
It is claimed that Mr Roddick, a QC and a former leader of the Wales and Chester judicial circuit, listed his brother's house in Caernarfon in a nomination form for last November's PCC election, when his main home is 160 miles away in the Welsh capital.
A NORTH Wales AM is bidding to change the law over holiday caravans being used as a main home.
After all, he was quiet about claiming expenses to pay for his second luxury home in Pimlico, despite having his main home less than 17 miles away and two other properties in Wimbledon.
Greene, who also won Commonwealth gold for Wales in Delhi last year, will be among the favourites in tomorrow's race at the refurbished Birmingham Alexander Stadium, as well as being one of the main home hopes for an Olympic medal.
Clarence House gave the message that the couple will retain their main home on the Welsh island of Anglesey, and their offices at St.