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 ?
Mr Hanif said that to qualify the applicant must be using the property as their main home.
? If the property you own or rent isn't your main home, you can get up to 50 per cent discount.
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.
Adjoined to the main home is a large barn and annexe.
The letter states: "The Determination is based on the location of a member's main home, not their constituency/region.
It could easily be a main home or commercial holiday letting given its location.
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.
The 76-year-old former Jaguar boss inherited a reported PS12 million from Belgian widow Joska Bourgeois, has property in Italy and a Lutyens-designed Surrey mansion, which is his main home.
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.
The Rockwood Estate, set in around 350 acres of Surrey countryside near Godalming, is dominated by the main home which has more than 30 rooms.