Sentences with phrase «used as the principal residence»

The home must be used as the principal residence of the borrower.

Therefore, if the taxpayer used the property as a principal residence in year one and year two, then rented the property for years three and four, and then used it as a principal residence in year five, the allocation rules would apply and only three - fifths (3 out of 5 years) of the gain would be eligible for the exclusion.

This rule only applies to periods after the last date the property is used as a principal residence.

Rebates (with interest) will be granted to the following people if they either exclusively hold the property or hold it jointly with their spouse and it has been used as their 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.

Such mortgages differ from a traditional loan in that the money doesn't need to be repaid until the home is sold or no longer used as a principal residence.

Not exact matches

Since he didn't file Form T2091 (the form used to designate a property as your principal residence) and report the sale on his tax return, the CRA deems him to have designated the city home as his principal residence for all the years he owned it, with the result being that no tax was owed.

You will only owe tax only on $ 50,000, as the additional $ 100,000 gain is sheltered using the principal residence exemption.

Suppose you owned a property that you used as a vacation home for 14 years, but then sold your principal residence and lived in it as your principal residence for the next 14.

Basically, the borrower must be a first - time home buyer and must use the property as their principal residence.

But unlike a traditional home equity loan or second mortgage, no repayment is required until the borrower (s) no longer use the home as their principal residence.

Additionally, this tax credit does not have to be repaid unless the home is sold or is not used as the buyer's principal residence within 3 years after the initial purchase.

One of the most popular is the ability to use up to $ 10,000 toward purchasing your first home (or any home, regardless of whether it's your first, as long as you haven't owned a principal residence in two years).

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 requiremenAs 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 requiremenas 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 requiremenas the two - year use requirement.

First, a taxpayer may have property that is treated as investment property as of the date of the sale, but had previously used it for a principal residence two or more years during the previous five years.

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).

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.

It doesn't seem fair, since both homes were used as our respective principal residences!

Can I use the Phoenix home as my principal residence?

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

So as the use of employer - sponsored pension plans has fallen over the last 50 years, Canadians have made up for it by increasing savings in RRSPs and TFSAs as well as by prioritizing owning their own home, which brings tax free benefits as the equity in their principal residence grows.

Debt secured by your principal residence or second home — such as a second mortgage or home equity line of credit — that is not used to buy, build or substantially improve the property.

Keep in mind that FHA refinancing is only available to homeowners who are currently using their home as their principal residence.

Rebates are available for up to 36 % of the GST if the Buyer is going to use the property as a principal residence.

If the property is titled in both names and is used by the spouse as their principal place of residence, either spouse can ask the court to transfer the property to them.

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.

Owner seeks in good faith to recover possession for her own use and occupancy as her principal residence, or for the use and occupancy as a principal residence for her spouse, domestic partner, child, parent, or grandparent.

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.

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.

You can not immediately use the property as a principal residence or for otherwise personal purposes.

All Texas homeowners who use their property as their principal residence can claim the Texas homestead exemption.

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.

Whether it is for a home to live in as your principal residence or to use as rental property, the tax laws are in place but other dynamics to be concerned with are not; mortgage rates are expected to rise as well as prices.

According to the FHA, HECM loans differ from typical home loans or second mortgages because, «no repayment is required until the borrower (s) no longer use the home as their principal residence or fail to meet the obligations of the mortgage.»