Sentences with phrase «as their principal residence up»

A property owner can designate the property as their principal residence up to 4 years in which it isn't normally inhabited.

Not exact matches

But homeowners may exclude from taxable income up to $ 250,000 ($ 500,000 for joint filers) of capital gains on the sale of their home if they satisfy certain criteria: they must have maintained the home as their principal residence in two out of the preceding five years, and they generally may not have claimed the capital gains exclusion for the sale of another home during the previous two years.

Before becoming principal at Barton, Carter spent a year as a «principal - in - residence,» or apprentice principal, at Dodge, where he implemented a literacy curriculum, helped draw up the budget, and participated in meetings with teachers, among other activities.

In my situation the savings really added up because I have coverage for two vehicles, my house (principal residence) as well as a rental property.

Capital Gains with No Income Tax: Once every two years, single homeowners can accept a tax - exempt profit up to $ 250,000, as long as they owned and occupied the home as a principal residence during any two of the last five years before they sold.

Single homeowners may exclude up to $ 250,000 of capital gain on the sale of a home, as long as the home was a principal residence for at least two of the five years before the sale; married couples filing jointly can exclude up to $ 500,000.

As of August 18, 2017, Fannie Mae allows lenders to receive a Property Inspection Waiver (PIW) on certain one - unit principal residence and second home purchase transactions with loan to value ratios up to 80 %, rather than a tradition in - person appraisal.

One of the most popular is the ability to use up to $ 10,000 toward purchasing your first home (or any home, regardless of whether it's your first, as long as you haven't owned a principal residence in two years).

This is because you only own half the cottage and unless the capital gain is a large one, claiming it as your principal residence may open you up to a much larger tax bill on the sale of your home.

Borrowers may choose one of five payment options: (1) term, which gives the borrower monthly payments for a fixed period selected by the borrower; (2) tenure, which gives the borrower a monthly payment from the lender for as long as the borrower lives and continues to occupy the home as a principal residence; (3) modified tenure, which combines the tenure option with a line of credit; (4) line of credit, which allows the borrower to make withdrawals up to a maximum amount, at times and in amounts of the borrower's choosing; and (5) modified term, which combines the term option with a line of credit.

As for their $ 1 - million principal residence, it will likely keep going up in value by 2 % or 3 % a year.

We'll also assume that up until 2012, the condo was the only property owned and the only property that could be declared as a principal residence.

So as the use of employer - sponsored pension plans has fallen over the last 50 years, Canadians have made up for it by increasing savings in RRSPs and TFSAs as well as by prioritizing owning their own home, which brings tax free benefits as the equity in their principal residence grows.

Rebates are available for up to 36 % of the GST if the Buyer is going to use the property as a principal residence.

Q. TRIP INTERRUPTION — Subject to the Terms of this insurance and in the event of the Unexpected death of a Relative of the Insured Person, or in the event the Insured Person's trip or travel plans must be cancelled or interrupted as a result of a break - in or substantial destruction due to a fire or Natural Disaster of the Insured Person's principal residence in his / her Home Country, the Company will reimburse the Insured Person's actual expense up to the amount shown in the Schedule of Benefits / Limits for the costs of a one - way air or ground transportation ticket of the same class as the unused travel ticket to transport the Insured Person from the International airport nearest to where the Insured Person was located at the time of learning of such death or destruction to the International airport nearest to: (i) the location of the Relative's funeral or place of burial, or (ii) the Insured Person's destroyed principal residence; subject to the following conditions and limitations:

R. TRIP INTERRUPTION — Subject to the Terms of this insurance and in the event of the Unexpected death of a Relative of the Insured Person, or in the event the Insured Person's trip or travel plans must be cancelled or interrupted as a result of a break - in or substantial destruction due to a fire or Natural Disaster of the Insured Person's principal residence in his / her Home Country, the Company will reimburse the Insured Person's actual expense up to the amount shown in the Schedule of Benefits / Limits for the costs of a one - way air or ground transportation ticket of the same class as the unused travel ticket to transport the Insured Person from the International airport nearest to where the Insured Person was located at the time of learning of such death or destruction to the International airport nearest to: (i) the location of the Relative's funeral or place of burial, or (ii) the Insured Person's destroyed principal residence; subject to the following conditions and limitations:

R. TRIP INTERRUPTION: Subject to the Terms of this insurance and in the event of the Unexpected death of a Relative of the Insured Person, or in the event the Insured Person's trip or travel plans must be cancelled or interrupted as a result of a break - in or substantial destruction due to a fire or Natural Disaster of the Insured Person's principal residence in his / her Home Country, the Company will reimburse the Insured Person's actual expense up to the amount shown in the SCHEDULE OF BENEFITS / LIMITS for the costs of a one - way air or ground transportation ticket of the same class as the unused travel ticket to transport the Insured Person from the International airport nearest to where the Insured Person was located at the time of learning of such death or destruction to the International airport nearest to: (i) the location of the Relative's funeral or place of burial, or (ii) the Insured Person's destroyed principal residence; subject to the following conditions and limitations: (1) The Insured Person must be outside of his / her Home Country at the time of the Unexpected death of the Relative or the substantial destruction of the principal residence; and

Family transportation: When as a result of an accident, the principal insured is confined in a hospital outside 150 kms of his residence, we will reimburse the actual transportation expenses incurred by the immediate family member, to reach the insured person up to a maximum of Rs. 50,000.

Land Transfer Tax Credit (Ontario): For Ontario residents, you can claim up to $ 2,000 if you are purchasing a home as a principal residence as long as you and your spouse or common - law partner has never owned a home, or an interest in a home, anywhere in the world.

If you are a first - time buyer (you haven't owned a home as your principal residence in three years) or a military veteran, you may qualify for a tax credit up to $ 2,000 per year if you apply and are approved for a Mortgage Credit Certificate prior to your home purchase.

The NC Home Advantage Tax Credit enables eligible first - time buyers (those who haven't owned a home as their principal residence in the past three years) and military veterans to save up to $ 2,000 a year on their federal taxes with a Mortgage Credit Certificate (MCC).

Single taxpayers are entitled to $ 250,000 and married taxpayers filing jointly up to $ 500,000 of capital gain for homes that they owned and occupied as principal residences for two out of the previous five years.