Username: LuckyWoman Rating: Asked to: Heng Kim Date Created: 08 Mar 2019 |
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Category | 28 |
Tag | Financial |
Question | What is Main Home? |
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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