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Main Home
(redirected from Principal Residences)

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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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5) Not only were multiple sales of principal residences allowed under Sec.
Sec. 121 planning opportunities after the Housing Assistance Tax Act by Cockrum, Robert B.; Quilliam, William C. / The Tax Adviser
The bill narrows the use of the code's tax-free exclusion that allows sellers of principal residences to escape taxation on the first $500,000 of their profits (married joint-filers) or $250,000 (single-filers).
Ken Harney - Closing a second home loophole by Harney, Ken / The Real Deal
It''s important to note that you and your significant other (including common law or same sex partner) cannot own two principal residences at the same time for tax purposes.
Tax Write Offs for Canadian Real Estate Investors by Julie Broad / Real estate industry community
 
 
 
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