What PRINCIPAL RESIDENCE means: A principal residence is generally the home in which a taxoayer lives most of the time. A taxpayer who sells a principal residence that he or she owned and lived in for at least two years in the five-year period ending on the date of sale may be able to exclude up to $250,000 ($500,000 on a joint return if both spouses used the home as a principal residence for the required time) of gain from the sale. A taxpayer can have only one principal residence at any time. A principal residence can be a home, condominium, cooperative apartment, townhouse, mobile home, or houseboat.
- Definition Personal Expenses:
- Dictionary individual other than those for business or investment purposes. Personal expenses are not deductible unless specifically allowed under the tax law. Two examples of deductible personal expenses are principal residence definition.
- Definition Personal Property Tax:
- Dictionary An annual tax imposed on certain personal property, such as cars or boats, and based on the value of the property principal residence explain.
- Definition Partnership:
- Dictionary in which two or more persons join their money and skills in conducting the business. Partnerships must file a return but are not subject to tax. Each partner reports his or her share of the principal residence what is.
- Definition Prepaid Expenses:
- Dictionary are expenses that are paid in advance. Cash-basis as well as accrual-basis taxpayers usually are required to capitalize prepayments for rent, insurance, etc. that cover more than one year. Deductions principal residence meaning.
How works Principal Residence meaning in Tax definitions P .
