Sentences with phrase «of principal residence also»

The definition of principal residence also contains a size restriction on the immediately contiguous land to the housing unit (not to exceed a half hectare unless the taxpayer can establish that any excess was necessary for the use and enjoyment of such property — the courts are littered with cases where the taxpayer has argued that the excess land is necessary for the use and enjoyment of the property).

Not exact matches

Nor did he report the sale of his cottage in 2014 because he correctly understood that a cottage can also generally qualify as a principal residence.

Mr. Rosenberg also pointed to last October's announcement by Finance Minister Bill Morneau that sales of a principal residence must be reported on one's tax return, whether or not tax is owed on the gain.

Net worth of $ 1 million excluding any equity in your principal residence is also a sufficient condition.

Matching principals» new responsibilities, such as aligning pre-K through grade 3 learning and new teacher evaluations systems, with proper levels of support «would be a dream,» says principal - in - residence Susan Holiday, also from Prince George's County, Maryland.

Profits on sales of principal residences are also tax - free.

The formula for calculating your principal residence exemption also includes an extra year so you will have four years of exemption according to the formula.

In 1993, with Nobleman v. American Savings Bank, the Supreme Court held that the prohibition on modifications of principal - residence mortgage loans also included cram downs.

If the property was also used to earn income, you will continue to fill out Form T2091 (or Form T1255)-- which allows you to stipulate what years the property was not your principal residence for all of the years that you owned it.

Joint ownership is commonly used in family situations, for example, most spouses own their principal residence in joint tenancy because it reflects the fact that they consider themselves to be a team - and also so it makes the administration of the estate of the first to die efficient and inexpensive.

The U.S. District Court reviewed IRS regulations, which not only require that the home be lived in for the majority of the year, but also list six other factors used to establish principal residence.

The bill also contains potential implications for the capital gains exclusions on the sale of a principal residence and caps on property taxes.

The results also show 94 per cent of buyers intending to use their purchase as a principal residence and 39 per cent were buying a retirement home.

Both bills would also restrict the use of the exclusion of gain from the sale of a principal residence by increasing the number of years the homeowner must live in the residence from the current law's two of the past five years to five of the past eight years.

We also got a rare tour around the royal residences; the Queen's principal workplace, Buckingham Palace, the mews at Windsor Castle, stately rooms at Sandringham House and HRH's favourite abode of all, Balmoral Castle in Cairngorms National Park, Scotland.