Primary Residence

You can only have one primary residence at a time. Simply declaring to the world that your new home is actually your primary residence isn't quite enough. You actually have to live there for a majority of each year. In general, when you sell your home and it is your primary residence, you can exclude from federal income tax $250,000 (if you are single, or $500,000 if you are married) of the profits from the sale of the home. But you must have used the home as your primary residence for two out of the last five years. Learn more about what it means to have a primary residence.

Featured Primary Residence Article

Refinancing A Home When You Own Various Homes And Claim More Than One As A Primary Residence Is Trouble

Added January 28, 2010 by Samuel J. Tamkin

Refinancing A Home When You Own Various Homes And Claim More Than One As A Primary Residence Is Trouble
When you have financial troubles, it's hard enough managing one home. If you have multiple homes, you may have even more trouble. You can only have one primary residence. It's at your primary residence that you have your mail sent, where you vote, where you pay income taxes, and where you spend most of your time. If you own two or more homes, only one of those homes can be your primary residence. Having multiple homes and claiming multiple primary residences will spell trouble, particularly if you are looking to refinance the mortgage on your home or want to obtain a loan modification, even if that loan modification is under the Obama Home Affordable Modification Program.

Read More: Refinancing A Home When You Own Various Homes And Claim More Than One As A Primary Residence Is Trouble

Primary Residence Videos

Latest Videos

Relieve Stress And Organize Your Life By Organizing Your Closet

January 14, 2010

Play | Subscribe

(0:00)

Summary:

A cluttered, messy closet in which you can't find anything can stress out anyone. Relieve stress and organize your life by organizing your closet. Go through your closet and decide whether to Recycle, Donate or Re-Gift every item. Use storage boxes and containers to control your closet, and label…

Watch Video: Relieve Stress And Organize Your Life By Organizing Your Closet

Signup for our newsletter

Visit The Blog

Latest blog posted on 03/14/2010

Ilyce Glink Show Notes - March...