Sentences with phrase «as your principal residence under»

For example, a trust that is no longer eligible to designate the property as a principal residence under the new rules, but owns that property at the end of 2016, must separate its gain into two components: The gain accrued to 31 December 2016 may potentially be sheltered by the principal residence exemption, and the gain accruing from the beginning of 2017 to the date of disposition that will be subject to tax.

Here is what you need to do: designate the family home as your principal residence under the Income Tax Act.

Owner seeks in good faith to recover possession of the rental unit for her occupancy as a principal residence, where she has previously occupied the unit as her principal residence and has the right to recover possession for her occupancy as a principal residence under a written rental agreement with the current tenants.

Not exact matches

First, a family unit — and this includes spouses and any children under age 18 — can only designate one property as a principal residence in each calendar year.

Finally, the 10 % that you own will not be sheltered under the principal residence exemption as this property is not your primary residence.

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 requiremenAs 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 requiremenas 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 requiremenas the two - year use requirement.

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.

Assuming each «piece» is under 0.5 hectares and is designated as the principal residence, then the sale would not result in capital gains tax, according to the CRA.

«In a case where two spouses are living separate and apart in their own residences, but not under a judicial separation or a written separation, only one of the residences can be designated as a principal residence for a particular taxation year,» explains Nerill Thomas - Wilksinson, from the Legislative Policy and Regulatory Affairs branch of the CRA.

You qualify under the tax rules as long as you (or your spouse) did not own a principal residence at any time during the two years prior to the purchase of the new home.

Can not be an acquisition from related persons as defined; buyer or spouse must be 18 years old; buyer can not be another taxpayer's dependent; credit is allowed for only one qualified principal residence; credit is disallowed if taxpayer received 2009 new home tax credit; and credit allowed can not be a business credit under Cal.

Hybrid Adjustable - Rate Mortgage Loans — For adjustable rate loans secured by a principal residence in which there was an introductory fixed rate period, otherwise defined as a «hybrid adjustable rate mortgage» under the Act, a six - month advance notice requirement was added to inform the consumer of the upcoming reset of the interest rate.

Under the Taxpayer Relief Act of 1997, a residence can qualify as a principal place of business when it is used to conduct administrative or management activities if there is no other fixed business location.

In October 2004, new federal regulations were issued as to how long an owner had to have owned a principal residence they had acquired through a 1031 exchange before they could sell it and exclude some or all the capital gain under the Tax Relief Act of 1997.