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 ?
108(a)(1)(E) of a borrower's default and/or indebtedness discharge on recourse versus nonrecourse loans on principal residences.
The bill narrows the use of the code's tax-free exclusion that allows sellers of principal residences to escape taxation on the first $500,000 of their profits (married joint-filers) or $250,000 (single-filers).
Insured disaster victims who lose their vacation homes do not have the same benefits as disaster victims who lose their principal residences.
Tax legislation has encouraged taxpayers to "buy up" when purchasing principal residences.
The book provides coverage of: * Like-kind exchanges under Code [section] 1031 * Involuntary conversions under Code [section] 1033 * Principal residence rollovers under code [section] 1034 * The exclusion of gains from principal residences by individuals 55 and over
However, the real size of mortgages for principal residences plus home equity lines of credit actually declined as a proportion of total family debt between 1983 and 1989 (table 8).
Fitch believes that this bill, if adopted, would eliminate the risk of cramdowns for pools of first mortgage loans secured solely by principal residences.
Withholding is not required if the total sales price is $100,000 or less, or for principal residences, sales resulting in a taxable loss, like kind exchanges, and some involuntary conversions.
Not only were multiple sales of principal residences allowed under Sec.
For example, someone who realizes gains on the sale of two principal residences within two years can exclude the gain on only one.
Taxpayers utilized the rollover of gain provisions of Internal Revenue Code (IRC) Section 1034, selling their principal residences at a gain and purchasing more expensive residences.

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