IRS' definition of Primary Residence...
In Reply to: Nervous in CA posted by Laurie on August 21, 2008 at 11:29 PM
Hope this might help.
See text copied below, from the IRS Regulations under I.R.C. Section
If a taxpayer alternates between 2 properties, using each as a residence for successive periods of time, the property that the taxpayer uses a majority of the time during the year ordinarily will be considered the taxpayer’s principal residence.
In addition to the taxpayer’s use of the property, relevant factors in determining a taxpayer’s principal residence, include, but are not limited to:
(i) The taxpayer’s place of employment;
: I'm sure this has been asked before, but if you can be patient with me, I'd sure appreciate any help you are willing to give.
: I bought a house Santa Clarita in April of 2007. 100% financing 80% (450K) with ING and 20% (115K) with Chase. So the house was worth 565K and now in todays market it is worth 375K maybe. I'm struggling to make the monthly payments and have used my saving not to default on either loan. I have no credit card debt and nearly perfect credit.
: I resided in MT when I bought the house in CA. Although once I bought the house in CA I did move right into it as my primary residence. It took 8 months to sell my MT home (in Dec of 07). I am just so concerned that because I owned a home in MT (and had and still have a MT drivers license) that the CA home will not be considered my primary residence. I believe this puts me at risk for the mortgage companies to come after me, especially the second. Both the first and the second on the CA were to purchase the home and I have not refianced either of them.
: Does anyone have experience with foreclosures on properties that are not considered "primary residences".
: I hope that was semi clear.
: Thanks, Laurie
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