What defines primary residence

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When it comes to taxes considered to have one primary of the year and where you intend to reside long-term.

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What is a Primary Residence Exemption?
the place where a person lives most of the time and that is considered their home for legal and tax purposes: He kept residences. A principal residence is the dwelling that a person inhabits most of the time. It does not matter whether it is a house, apartment, trailer, or boat. A primary residence is the main home that a person inhabits. This can be a house, apartment, trailer, or houseboat where an individual, couple, or family live.

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Say goodbye to the days of needing to sell your home before buying a new one. United Kingdom [ edit ]. If a taxpayer owns multiple properties, only one can be considered the principal residence. You can have only one primary residence at a time. They have found that when borrowers have financial trouble, they will struggle harder to save their primary residence than a vacation home, or a property held as an investment.