Main Home

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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References in periodicals archive ?
As under prior law, the loan must be secured by the taxpayers main home or second home (known as a qualified residence), not exceed the cost of the home and meet other requirements.
Lord Bassam, 64, is entitled to a PS36,366 top-up to his PS63,537 House of Lords salary because his main home is outside London.
The ability to make a main residence election can bring important tax benefits, for example, you elect for the holiday home to be your private residence with effect from August 1, 2017, and then you make another election to change it back to your main home from August 8, 2017.
Adjoined to the main home is a large barn and annexe.
Currently, it does not provide for residential accommodation expenditure for a member whose main home is not in Wales.
The Bright Line legislation also has a Main Home Exemption.
The businessman was found to have lied about owning Oaklands Park, a 100-acre estate in Surrey with a 12,000 sq/ft main home and four further cottages.
TV Licensing warned owners of static caravans or mobile homes to remember they require a valid licence for their holiday accommodation if a television is being used to receive or record programmes in the caravan and at their main home address at the same time.
Given its location, the property would make an ideal main home, second home or investment.
This desirable residence comes with an annexe above the garage, and the entry to the main home is through the stunning kitchen.
After all, he was quiet about claiming expenses to pay for his second luxury home in Pimlico, despite having his main home less than 17 miles away and two other properties in Wimbledon.
Greene, who also won Commonwealth gold for Wales in Delhi last year, will be among the favourites in tomorrow's race at the refurbished Birmingham Alexander Stadium, as well as being one of the main home hopes for an Olympic medal.