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Username: LuckyWoman

Rating:
Guru Stars

Asked to: Heng Kim

Date Created: 08 Mar 2019
Category 28
Tag Financial
Question What is Main Home?
Advice from Guru
Hello LuckyWoman,

Main home is term the Internal Revenue Service (IRS) uses to indicate the home a taxpayer has lived in most of the time during a given taxation year, or the only home a taxpayer owns. The classification of a taxpayer's main home is important when considering gains resulting from selling a main home, because the tax code recognizes the importance of home ownership, by allowing you to partially exclude capital gains when you sell your main home.

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