Capital Gains Exclusions
Determining your principal residence according to the IRS for tax purposes if you own more than one home can be tricky, but the IRS continues to refine the rules. First of all, principal residence can take many forms: conventional home, condominium, mobile home, house trailer, tenant-stockholder cooperative housing unit—even a boat, as long as it has sleeping, cooking and sanitary facilities (a bathroom).
The difficulties arise when you split your time between two different properties during a year. Simply put, the IRS says that your principal residence is the home you own and use as a residence for “a majority of the time during the year.”
But of course, there are other considerations. For instance:
l the location of your property in relation to your place of employment.
l the location where your family members reside.
l the address you use on your federal and state tax returns, driver’s license, automobile registration and voter registration card.
l the mailing address you use predominantly for bills and correspondence.
l the location of your banks.
l the location, believe it or not, of your “religious organizations and recreational clubs.”
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Homes In San Diego County
From the Beaches to the Rolling Hills of San Diego County - Excellence that Moves You!
Welcome to the go-to online resource for searching for homes of San Diego County.
A home is not a home because of its room dimensions or the color of the walls. It is about how you feel when you walk through the front door, and the way you can instantly envision your life unfolding there.
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