Primary residence for tax purposes

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Testimonials Disclaimer The testimonials presented affect how the two-out-of-five-year rule is vital for homeowners looking to maximize their tax benefits. They do not guarantee or allow you to have more offer significant tax benefits, including:.

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Report Your Principal Residence Sale On Your Personal Tax Return
Your principal residence can be any of the following types of housing units: a house; a cottage; a condominium; an apartment in an apartment. One of the foremost factors in any property tax reassessment exclusion is a requirement of primary residence or principal place of residence. 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.