Main Home

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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 ?
Our concern is that based on the article and its focus on the four main homes named in the main body of the text and its contexts, that to add the name of our care home to the list forming part of the article suggests that our home may be failing in a similar way by association.
In fact, in all areas of concern that you list as failings in the four main homes, Thorpe House performed exceptionally well in our inspection and met all standards.
He has introduced a Bill at the National Assembly which aims to deal with the use of holiday caravans as main homes by some households.
A NORTH Wales AM is bidding to change the law over holiday caravans being used as a main home.
It is alleged they said their main homes were not in London to claim a pounds 174-a-day allowance.
He was accused of claiming subsistence costs only available to peers whose main homes are outside London, despite his main residence being in the capital.
The Green Book's full guidance to MPs on main homes reads: "The location of your main home will normally be a matter of fact.
AMs whose main homes are in Cardiff and the surrounding areas were entitled to a lower allowance of pounds 3,900 during the past financial year.
The unanimous vote late Tuesday came a day after Simi Valley passed guidelines forcing homeowners adding garages, guest houses and second-dwelling units to have designs ``architecturally compatible'' with main homes.
Labour peer Lady Uddin and crossbencher Lord Bhatia were found to have acted "not in good faith" by incorrectly declaring their main homes in order to claim generous overnight allowances.
Labour peer Lady Uddin and crossbencher Lord Bhatia were said to have acted "not in good faith" by incorrectly declaring their main homes in order to claim generous overnight allowances.
5bn by slapping capital gains tax on a person's main home in his Budget on Wednesday, it was suggested.