Sentences with phrase «requirements of the principal residence»

Remember, there are no changes to the current requirements of the principal residence exemption.

Not exact matches

Because there are other policies now in place that adequately address credit history, rental income, and financial reserves, Fannie Mae is eliminating some of the requirements specifically associated with the conversion of a principal residence

CRA Requirements — Canada Revenue Agency will require all taxpayers to report the sale of property or properties where the Capital Gains Tax exemption is claimed as a principal residence.

As long as the sale of the taxpayer's principal residence occurs more than five years after the date of the acquisition of the residence, however the Section 121 (d)(10) limitation does not apply and gain (other than gain resulting from accumulated depreciation) may be excluded under Section 121 assuming that the sale otherwise satisfies the requirements for the home sale exclusion, such as the two - year use requirement.

Remember, reporting principal residence dispositions is a requirement starting with the 2016 tax return and there are significant penalties if you fail to complete the second page of Schedule 3, even if the gains are exempt.

For most Canadians, the new requirement to report the sale of a principal residence will be nothing more than a compliance exercise — but one shadowed by the threat of unrestricted audits and sizeable penalties.

Eligibility requirements include proof of homestead ownership, use of the property as a principal residence, and residency for the full Tax Year.

Such property may be considered a principal residence of the individual under Canadian law if all of the other requirements of the definition of a principal residence are met.

«For most Canadian residents, the new proposed requirement to report the sale of a principal residence will be a compliance exercise, but an important one,» says John Sliskovic, private client services tax leader at Ernst Young LLP.

His first priority been to urge Congress and the new administration to adopt NAR's four - point plan for boosting the housing industry, which would, among other things, open the $ 7,500 tax credit toward the purchase of a principal residence to all taxpayers and eliminate the repayment requirement.

Either way, the credit applies only to the purchase of a new principal residence costing $ 800,000 or less, and there are income restrictions and other limitations, including a requirement to close the sale before July 1.

Hybrid Adjustable - Rate Mortgage Loans — For adjustable rate loans secured by a principal residence in which there was an introductory fixed rate period, otherwise defined as a «hybrid adjustable rate mortgage» under the Act, a six - month advance notice requirement was added to inform the consumer of the upcoming reset of the interest rate.