Sentences with phrase «as the principal residence portion»
Not exact matches
«If you claim part of your home as business usage, I can see them perhaps taxing a portion of the principal residence when you sell,» says Bell.
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If you're unable to designate your home as your principal residence for all the years you owned it, a portion of any gain on sale may be subject to tax as a capital gain.
In other words, a sale of a residence may be given split treatment; a portion may be treated as held primarily for investment, (which portion would be eligible for exchange under Section 1031), and a portion that would be treated as the taxpayer's principal residence.
As many tax and legal advisors know, a taxpayer may exclude from income a portion of the gain resulting from a sale of the taxpayer's principal residence.
Your property is still considered your principal residence (even it's used to earn income) as long as the revenue - generating portion of your home is not the main use of your home.
«If you claim part of your home as business usage, I can see them perhaps taxing a portion of the principal residence when you sell,» says Bell.