Sentences with phrase «of the principal residence when»

«If you claim part of your home as business usage, I can see them perhaps taxing a portion of the principal residence when you sell,» says Bell.

«If you claim part of your home as business usage, I can see them perhaps taxing a portion of the principal residence when you sell,» says Bell.

Not exact matches

HB413 (Rep. Beckman)- This bill would require local law enforcement to notify the local superintendent of education and the local board of education, in addition to the principal, when a low - risk juvenile sex offender is planning to establish or has established a fixed residence within their jurisdiction, would require juvenile sex offenders to notify local law enforcement of any change in school attendance, and would provide that failure to comply with either constitutes a Class C felony.

When a family owns more than one principal residence, it would likely make sense for them to designate each property for at least one year to take advantage of the «1 +» part of the formula.

My fiancée and I both have principal residences and neither of us wants to lose the capital gains exemption when we get married.

In order to reinforce the new home is your principal place of residence, make sure to change your address with CRA as well on all government issued IDs when moving in

When you determine whether you are a first - time homeowner you must take into account any previous ownership of a principal residence by your spouse.

When forgiven debt arises from the sale of a principal residence, it gets a bit trickier.

CAPITAL GAINS AND LOSSES PRINCIPAL RESIDENCE When a taxpayer converts a principal residence to an income - producing use, the taxpayer may, within limits, elect to defer recognition of any gain to a laPRINCIPAL RESIDENCE When a taxpayer converts a principal residence to an income - producing use, the taxpayer may, within limits, elect to defer recognition of any gain to a laRESIDENCE When a taxpayer converts a principal residence to an income - producing use, the taxpayer may, within limits, elect to defer recognition of any gain to a laprincipal residence to an income - producing use, the taxpayer may, within limits, elect to defer recognition of any gain to a laresidence to an income - producing use, the taxpayer may, within limits, elect to defer recognition of any gain to a later year.

A: Stefan, you are deemed to have disposed of your principal residence in 2011 when you started renting it out.

Exemptions are generally granted when there is a loss on the sale of the property, a federal exclusion of the gain on the sale of a principal residence, the transaction involves a like - kind exchange, or for other situations resulting in no Maine income tax liability.

One of the more significant changes occurred in the early 1980s, when each spouse was no longer allowed to claim a principal residence exemption for different properties (thereby enabling married couples to «double - up» on the benefits of the principal residence exemption).

For years, many Canadians minimized the amount of capital gains tax owed by strategically designating when each property was their principal residence, for tax purposes.

For most of us, the real concern is how to use the principal residence exemption (PRE) effectively when it comes to selling property.

Just keep in mind that once your name is added to a deed (assuming you already have your own principal residence), you'll be required to pay capital gains taxes in proportion to your percentage of ownership when the home is eventually sold.

When a family owns more than one property they have options as to which property they'd like to designate as a principal residence, which entitles them to shelter the capital gains earned on the sale of that property from tax.

This type of bond is used for foreign bonds, when an issuer issues bonds in a foreign country and makes coupon payments in that country's currency, but principal payments are made in the currency of the issuer's country of residence.

One of the more significant changes occurred in 1982 when spouses could no longer each claim a principal residence exemption which enabled a «double - up» of the principal residence exemption.

What is the HST Rebate and what are the differences when applied to the purchase of a principal residence or investment property?

Funds not to exceed the amount of six mortgage payments (including the mortgage insurance premium) can be included in the cost of rehabilitation to assist a mortgagor (whether a principal residence or an investment property) when the property is not occupied during rehabilitation.

(1) For the purpose of this Treaty the territory of a Contracting Party shall include all territory under the jurisdiction of that Contracting Party, including air space and territorial waters and vessels and aircraft registered in that Contracting Party or aircraft leased without crew to a lessee who has his principal place of business, or, if the lessee has no such place of business, his permanent residence in, that Contracting Party if any such aircraft is in flight, or if any such vessel is on the high seas when the offense is committed.

When a parent wishes to relocate his or her principal residence a distance of 50 miles or more and wants to move the child, he or she must file a Petition to Relocate.

This enhancement will ensure you retain your Claims Free Discount when your policy renews after you have had one claim arising out of your principal residence and its contents.

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.

A law enacted in 2007 provided temporary relief to troubled borrowers when some portion of mortgage debt is forgiven and the mortgage covers the borrower's principal residence.

The law of the land has been that as long as the property was your principal residence, you could waive the taxes on that $ 50,000 when did submitted your return (and some other qualifications).

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

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.

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.