Sentences with phrase «basis of a principal residence»

In general, the adjusted tax basis of a principal residence is the cost of the property (i.e., what you paid for the property when you first purchased it), plus amounts paid for capital improvements, less any depreciation and casualty losses claimed for tax purposes.

Not exact matches

Adopting core values like «No Excuses,» «Whatever it Takes,» and «Sweating the Small Stuff,» IDEA Mays aims to follow in the footsteps of schools like IDEA South Flores, where Boyd served as principal in residence last year, and the five other IDEA San Antonio schools that received all possible distinctions from the Texas Education Agency (TEA) this year based on their standardized test scores.

Certain parent assets are sheltered from need analysis, including retirement funds, net worth of the principal place of residence, small businesses owned and controlled by the family, and an age - based asset protection allowance that is typically around $ 50,000 for parents of college - age children.

Based on these facts and assumptions, and to consider the possible capital gains owed, we need to consider two concepts: the principal residence exemption and the change in use of the condo.

This unreported income can be based on improper claims of the principal residence exemption.

When a principal residence is converted to rental property, its basis for depreciation purposes is the lesser of: