personal residence

personal residence

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

References in periodicals archive ?
On December 11, 2006, Adams applied for a building permit to build a personal residence on a 1.
It applies to debt forgiveness in 2009 through 2012 resulting from a foreclosure, "short sale" or loan modification of a taxpayer's qualified personal residence.
Largest facilty doubles as personal residence for owners.
From April 2009, tax inspectors will have new powers to inspect business records at the place of business which, for landlords who run their business from home, means giving the tax office access to their personal residence.
1031 if the property is occasionally used as a personal residence.
Replacement property acquired in a like-kind exchange must be used as a personal residence for at least two years but must be owned for at least five years before it becomes eligible for the $250,000/$500,000 exclusion under Section 121.
One the firm's four partners kept the top floor of the building as a personal residence.
Second, the taxpayer must have owned and used the property as a personal residence for two or more years of the five-year period ending on the date of the sale of the property.
The taxpayers purchased the tract, with the intent of selling off the excess not used for personal residence purposes.
While several strategies can work, one of the most effective is to put your property into a qualified personal residence trust (QPRT) and name your heirs as its beneficiaries.
But Cher's attorney argued that state law requires a firm that is building a home for a personal residence to have a signed contract, which it didn't.
According to court documents, among the assets and income the Cohens concealed from the IRS are a $45 million investment portfolio, a condominium at Trump World Tower in New York City that was worth as much as $10 million, the personal residence of Mauricio Cohen Assor on Fisher Island in Miami Beach worth approximately $20 million, the personal residence of defendant Leon Cohen Levy in Miami Beach worth approximately $26 million, the personal residence of the daughter of Mauricio Cohen Assor in Bal Harbor, Fla.

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