Sentences with phrase «portion of the principal residence»
«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.
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«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
Many readers want to know if their home will continue to qualify for the principal residence exemption if they rent out a portion of their house.
If you're unable to designate your home as your principal residence for all the years you owned it, a portion of any gain on sale may be subject to tax as a capital gain.
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.
As many tax and legal advisors know, a taxpayer may exclude from income a portion of the gain resulting from a sale of the taxpayer's principal residence.
Your property is still considered your principal residence (even it's used to earn income) as long as the revenue - generating portion of your home is not the main use of your home.
Only a small portion of a farm where the house is may be a principal residence.
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.
Lenders sometimes extend debt relief to borrowers who sell their principal residence for less than the outstanding mortgage balance, creating a tax liability for the canceled portion of the mortgage.