residence


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Related to residence: place of residence

Residence

The place where a person lives most of the time. A residence may be eligible for certain tax breaks. For example, one may be able to write off the interest on a mortgage on a primary residence. Various rules exist to determine what constitutes one's residence for tax purposes.

residence

The place where one lives.

References in periodicals archive ?
Foreign dignitaries stay in a residence located close to Rideau Hall.
In addition, the RSC paid the cost of maintaining the residence until a third party purchased the property, including mortgage and property tax expenses (although the employee continued to be legally responsibility for those items).
114 luxury condominium residences feature floor-to-ceiling glass with most homes enjoying unparalleled panoramic views that sweep across Prospect Park or feature the stunning span from Brooklyn to Manhattan, from the Verrazano Bridge to Manhattan's Chrysler and Empire State buildings.
Special basis rules apply if a taxpayer receives a personal residence as a gift, bequest or payment for services rendered.
The diocese of Fredericton, which includes all of New Brunswick, calls its residence Bishop's Court.
CMC is planning residences in downtown Miami where the Miami River merges with Biscayne Bay, plus a $100 million condominium high-rise building in Coconut Grove.
Under a safe harbor, the primary reason for the sale or exchange is deemed to be a change in place of employment if a qualified individual's new place of employment is at least 50 miles farther from the residence sold or exchanged than was the former place of employment.
Court of Appeals for the Fourth Circuit found that the warrant to search the defendant's residence was not facially defective, even though the affidavit contained no facts expressly stating that the gun and silencer were in the defendant's residence.
Briefly, the regulations require that the governing instrument prohibit the trust from holding any asset other than one residence, to be used as the personal residence of the term holder, and qualified proceeds.
This relationship indicates that as problem areas increase, resident activities within the residence decreases.
W Hotel & Residences provides the same comfort, convenience, and spectacular views as pricier Manhattan homes," says Jacqueline Urgo, executive vice president of The Marketing Directors.
In addition, a taxpayer need not use a safe-harbor method; he or she may use the actual reduction in FMV of the residence or personal belongings, if the losses can be adequately and properly substantiated.