Primary residence for tax purposes

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Clear Start Tax is not on this website are individual favorable tax treatment, including capital qualify as a principal residence.

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Report Your Principal Residence Sale On Your Personal Tax Return
You may take the exclusion, whether maximum or partial, only on the sale of a home that is your principal residence, meaning your main home. Key Takeaways � If a taxpayer maintains more than one residence, the dwelling in which they spend more of their time would qualify as the principal residence. The Federal Tax Code provides that a person is a resident for Mexican tax purposes when that person establishes a home in Mexico.

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Repeat Steps 1�3 for your spouse and add the two results. Vacation and second homes are considered secondary residences that you do not occupy most of the year. For example, if you have a casualty and your home is damaged, increase your basis by the amount you spend on repairs that restore the property to its pre-casualty condition. Generally, if you transferred your home or share of a jointly owned home to a spouse or ex-spouse as part of a divorce settlement, you are considered to have no gain or loss. There is no tax deduction for transfer taxes, stamp taxes, or other taxes, fees, and charges you paid when you sold your home.