Sentences with phrase «of a personal residence»

Unfortunately, losses on sales of personal residences are not deductible.

The allocation rules only apply to time periods prior to the conversion into a principal residence and not to time periods after the conversion out of personal residence use.

As long as the market value of the personal residence is less than a reasonable estimate of its equivalent value, I would count it as an asset.

Whenever you don't have a paying tenant, you are personally paying the mortgage and any other expenses of ownership (on top of any expenses of your personal residence).

Failure to pay the home equity line of credit as agreed can lead to foreclosure and loss of your personal residence.

You can get a mortgage for the purchase of your personal residence or for the purchase of a commercial property.

When we have extra furniture, we store it in our basement (we have a large unfinished part of our personal residence).

While the gain on the sale of a house can be taxed, the loss on the sale of a personal residence is not deductible.

Whichever you choose, you should be certain that there are good and valid reasons for borrowing money out of your personal residence.

Once the site of personal residence of the English and French governors, Fairmont Le Château Frontenac stands high on Cap Diamant, overlooking the majestic St. Lawrence River.

The lender is looking at your earning capacity to pay the mortgage of a personal residence; they look to the potential income of a rental property to pay that mortgage on which there is no Personal Mortgage Insurance to offset the loss if they foreclose.

59 - 229, 1959 - 2 C.B. 180, concludes that gain or loss from an exchange of personal residences may not be deferred under Section 1031 because the residences are not property held for productive use in a trade or business or for investment.

Residential lot loan — Think about a residential lot loan when you'd like to finance a piece of property intended as the future site of your personal residence — or a residential lot that is adjacent to your current residence.

My interest in real estate was sparked by my motivation to become more knowledgeable in the purchase and sale of my personal residence.

Unlike assets like stocks, bonds or even income properties, any increase in the value of a personal residence can not be realized unless a person is willing to downshift or move to another area where homes are cheaper.

Think about a residential lot loan when you'd like to finance a piece of property intended as the future site of your personal residence, or a residential lot that is adjacent to your current residence.

For example, if you have a $ 1 million home that has been appraised at $ 1.8 million, you can sell it and take home $ 500,000 of the $ 800,000 gain tax free — due to an exemption on profits from the sale of personal residences.