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 Proprietor:
- Dictionary The sole owner of a trade or business principal residence definition.
- Definition Personal-Use Property:
- Dictionary Property that is not used for business or investment purposes principal residence explain.
- Definition Personal And Dependent Exemptions:
- Dictionary an exemption for each taxpayer and spouse (if a joint return is filed) who is not eligible to be claimed as a dependent on another taxpayer's return and for each dependent. The exemption amount principal residence what is.
- Definition Principal Payments:
- Dictionary The portion of a loan payment that reduces the outstanding balance of the loan principal residence meaning.
How works Principal Residence meaning in Tax definitions P .
