Sentences with phrase «qualify as her principal residence»

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.

There are nuances related to real estate like whether or not a property might qualify as a principal residence, whether a capital gains exemption was declared in 1994 if you inherited prior to that and so on that you also need to consider.

Just because you live in a house that you own doesn't automatically qualify it as a principal residence.

If that's the case, if we assume she sold it in, say, 2010, the cottage will qualify as her principal residence for subsequent years, but not prior.

In fact, just because you live in a house you own doesn't mean it automatically qualifies as a principal residence.

For tax purposes, there is no minimum period for which you have to own or inhabit the property in order for it to qualify as your principal residence.

From the CRA's perspective, a home would qualify as a principal residence if you and your family «ordinarily inhabited» the dwelling during the calendar year.

But to Davies, the targets are obvious: «Those who sell properties that may not qualify as a principal residence.»

Not exact matches

You must intend to occupy the qualifying home as your principal place of residence no later than one year after buying or building it.

In Revenue Procedure 2005 - 14, the Internal Revenue Service explains how a taxpayer may treat property that would qualify for the Section 121 home sale exemption as partially investment property and partially principal residence.

To qualify for the home sale exclusion, the taxpayer must have owned the property and used the property as the taxpayer's principal residence for any two of the most recent five years (determined with reference to the sale of the principal residence).

So rental properties, cottages, vacation properties, etc. may be subject to capital gains tax if they don't qualify or you don't elect to treat them as your principal residence — even if they're in another country.

Only properties purchased as your principal residence qualify for the program.

To qualify for a PRE on a parcel of land, a person must be a Michigan resident who owns and occupies the property as a principal residence.

If the property qualifies as the deceased's principal residence there may be additional tax consequences.

The first - time homebuyer must use the money — known as a distribution — before the close of the 120th day after receiving it to pay qualified acquisition costs (including closing costs) for a principal residence.

To qualify, a taxpayer must have owned the house for at least two years and used it as a principal residence for two out of five years before the time it was sold.

You qualify under the tax rules as long as you (or your spouse) did not own a principal residence at any time during the two years prior to the purchase of the new home.

A «qualified residence» is either the taxpayer's principal residence or another residence selected by the taxpayer for the taxable year that is also used as a residence.

To qualify as a first - time home buyer you can not have owned a home as a principal residence for four years before the date of the withdrawal of funds.

Can not be an acquisition from related persons as defined; buyer or spouse must be 18 years old; buyer can not be another taxpayer's dependent; credit is allowed for only one qualified principal residence; credit is disallowed if taxpayer received 2009 new home tax credit; and credit allowed can not be a business credit under Cal.

If you are a first - time buyer (you haven't owned a home as your principal residence in three years) or a military veteran, you may qualify for a tax credit up to $ 2,000 per year if you apply and are approved for a Mortgage Credit Certificate prior to your home purchase.

To qualify for an MCC, the home you buy must be your primary residence and you must be a first - time homebuyer (defined as not having owned a principal residence at any time in the last three years).

A borrower may qualify if he or she: • Is displaced because of an out - of - area job transfer and was occupying the home as a principal residence immediately before the displacement.

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.

Many tax experts believe this change to the federal regulations legitimized the process of conducting a 1031 exchange into new property that the exchanger rents for awhile so it qualifies as rental property and then occupies as their principal residence.