A principal residence
is where someone lives most of the year, pays their bills, cooks their meals and receives government mail.
Affirming a Tax Court decision, the Eighth Circuit held that a taxpayer who repossessed his former principal residence
after the buyer defaulted had to recognize gain equal to the excess of the cash received over the previously recognized gain.
So, when a family sells one residence and acquires a new one, they can designate the property sold as their principal residence
for all years prior to the year of sale, and the entire gain will be exempt from taxation.
In this case, the taxpayer purchased run-down property at a depressed rate and used it as his principal residence
SENATOR PATRICK BRAZEAU IS again making headlines for all the wrong reasons, this time over the annual $20,000 housing allowance for claiming his principal residence
is in Maniwaki, Que.
108(a)(1)(E) excludes from gross income qualified principal residence
indebtedness discharged after 2006 and before January 1, 2013.
For the exclusion to be available during the five-year period ending on the date of the sale or exchange, the property must have been owed and used as a principal residence
for periods aggregating two years or more.
6: A taxpayer who converted a principal residence
to rental use may use the principal residence
exclusion for COD income.
5 kW of power capacity, through 2016 (for your existing "principal residence
" or new construction that will be your principal residence
, DOES NOT include vacation homes) for Fuel Cells.
To qualify for this exclusion, the taxpayer must have owned and used the property as the principal residence
for periods aggregating two or more years during the five-year period ending on the date of the sale.
In addition, existing homeowners who purchase a replacement principal residence
can claim a homebuyer credit of up to $6,500.
Under UK tax rules, if a person owns more than one property, they have to declare which is their principal residence
for tax purposes.