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 Proprietorship:
- Dictionary An unincorporated business owned by one person. The business owner may have employees working for him or her principal residence definition.
- Definition Physical Custody:
- Dictionary The taxpayer with whom a child lives is considered to have physical custody principal residence explain.
- Definition Percentage Depletion:
- Dictionary percentage depletion is a specified percentage of the gross income from the property, subject to other limits. Percentage depletion is allowed for nearly all natural resources, except timber. See principal residence what is.
- Definition Points:
- Dictionary fee (one-time charge paid for the use of money) that a buyer generally may deduct as interest. This amount can generally be deducted in full if paid for the purchase or improvement of a principal principal residence meaning.
How works Principal Residence meaning in Tax definitions P .
