Main Home

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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 ?
Our concern is that based on the article and its focus on the four main homes named in the main body of the text and its contexts, that to add the name of our care home to the list forming part of the article suggests that our home may be failing in a similar way by association.
He has introduced a Bill at the National Assembly which aims to deal with the use of holiday caravans as main homes by some households.
Labour peer Lady Uddin and crossbencher Lord Bhatia were found to have acted "not in good faith" by incorrectly declaring their main homes in order to claim generous overnight allowances.
Labour peer Lady Uddin and crossbencher Lord Bhatia were said to have acted "not in good faith" by incorrectly declaring their main homes in order to claim generous overnight allowances.
He was accused of claiming subsistence costs only available to peers whose main homes are outside London, despite his main residence being in the capital.
Another perk that most people find baffling is the ability of AMs to claim pounds 30.65 as an un-receipted allowance for food whenever they are away from their main homes overnight.
The Green Book's full guidance to MPs on main homes reads: "The location of your main home will normally be a matter of fact.
AMs whose main homes are in Cardiff and the surrounding areas were entitled to a lower allowance of pounds 3,900 during the past financial year.
But until February this year, ministers were deemed to have their main homes in London and were given the allowance to cover the cost of visiting their constituencies.
It is alleged they said their main homes were not in London to claim a pounds 174-a-day allowance.
But some national commentators have argued blackening out addresses will make it difficult to investigate whether items such as refurbishments and furniture had been purchased for main homes, rather than second homes, in line with the rules.
The Irish republicans' allowance bill included pounds 7,500 claims by each of the MPs for staying away from their main homes.