Sentences with phrase «acquisition of the principal residence»

An individual who was a non-resident of Canada in the year of the acquisition of the principal residence property will no longer be able to automatically add «1» to the number of «principal residence» years in the calculation of the proration as discussed above.

Not exact matches

This is not necessarily someone who has never owned a home, but it must be someone who has not owned a principal residence during the two - year period ending on the date of acquisition of the new home.

As long as the sale of the taxpayer's principal residence occurs more than five years after the date of the acquisition of the residence, however the Section 121 (d)(10) limitation does not apply and gain (other than gain resulting from accumulated depreciation) may be excluded under Section 121 assuming that the sale otherwise satisfies the requirements for the home sale exclusion, such as the two - year use requirement.

The first - time homebuyer must use the money — known as a distribution — before the close of the 120th day after receiving it to pay qualified acquisition costs (including closing costs) for a principal residence.