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personal residence

    0.01 sec.
personal residence

One's customary and normal place of habitation, as claimed for voting and income tax purposes.



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To begin with, if you stay in your home more than 14 days a year while renting it out less than 15 days a year, the house is considered a personal residence and you need not declare the income you make from renting out the house.
A personal residence sold under lease/option may still qualify for capital gains exemption.
Use a Qualified Personal Residence Trust to Leverage the Transfer of a Home A Qualified Personal Residence Trust works similarly to the GRAT described earlier, except the personal residence is contributed to the irrevocable trust.
 
 
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