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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: IRS' definition of Primary Residence... Posted by Al on August 26, 2010 at 4:30 PM In Reply to: Re: IRS' definition of Primary Residence... posted by Gerry Alvarez on January 19, 2010 at 7:34 PM : : : : : Laurie, : : : Hope this might help. : : : ----------Ward : : : : : See text copied below, from the IRS Regulations under I.R.C. Section : : : 121. : : : PRINCIPAL RESIDENCE. : : : In the case of a taxpayer using more than one property as a residence, whether property is used by the taxpayer as the taxpayer’s principal residence depends upon all the facts and circumstances. : : : 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; : : : (ii) The principal place of abode of the taxpayer’s family members; : : : (iii) The address listed on the taxpayer’s federal and state tax returns, driver’s license, automobile registration, and voter registration card; : : : (iv) The taxpayer’s mailing address for bills and correspondence; : : : (v) The location of the taxpayer’s banks; and : : : (vi) The location of religious organizations and recreational clubs with which the taxpayer is affiliated. : : : : : : ======================================== : : : : : : : This board is so informative. Thanks to all who spend time helping people like me who are in distress about the hard decisions regarding foreclosures. : : : : 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 : My Question is about my primary residence. My job supplies a place for me to live while I work. I don't own it. It is provided for me and I am taxed for room and board. I want to buy my first place and it will become my primary residence. I will use the address for all my bills and register to vote in the city where I buy the house, and will have my drivers license address changed to this address. I will continue to live during the work week at the residence provided by my work. I have to live in this place and can be transfered at anytime. Can the place I am buying be my primary residence? My question is I just purchase a home and closed in April 1, 2010 in arizona. lived in my home for 18 years in indiana. Still trying to sell my home in Indiana. Do i qualify for $6,500 tax credit, even though I'm still stuck in indiana. My new address is inArizona, i'm paying the bills there, but still employed here in indiana, until i sell my house. Follow Ups: Re: IRS' definition of Primary Residence... DIANNE HARRIS 1:44 AM, 02/18/11 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : : : : : : Laurie, : : : : Hope this might help. : : : : ----------Ward : : : : : : : See text copied below, from the IRS Regulations under I.R.C. Section : : : : 121. : : : : PRINCIPAL RESIDENCE. : : : : In the case of a taxpayer using more than one property as a residence, whether property is used by the taxpayer as the taxpayer’s principal residence depends upon all the facts and circumstances. : : : : 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; : : : : (ii) The principal place of abode of the taxpayer’s family members; : : : : (iii) The address listed on the taxpayer’s federal and state tax returns, driver’s license, automobile registration, and voter registration card; : : : : (iv) The taxpayer’s mailing address for bills and correspondence; : : : : (v) The location of the taxpayer’s banks; and : : : : (vi) The location of religious organizations and recreational clubs with which the taxpayer is affiliated. : : : : : : : : ======================================== : : : : : : : : : This board is so informative. Thanks to all who spend time helping people like me who are in distress about the hard decisions regarding foreclosures. : : : : : 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 : : My Question is about my primary residence. My job supplies a place for me to live while I work. I don't own it. It is provided for me and I am taxed for room and board. I want to buy my first place and it will become my primary residence. I will use the address for all my bills and register to vote in the city where I buy the house, and will have my drivers license address changed to this address. I will continue to live during the work week at the residence provided by my work. I have to live in this place and can be transfered at anytime. Can the place I am buying be my primary residence? : My question is I just purchase a home and closed in April 1, 2010 in arizona. lived in my home for 18 years in indiana. Still trying to sell my home in Indiana. Do i qualify for $6,500 tax credit, even though I'm still stuck in indiana. My new address is inArizona, i'm paying the bills there, but still employed here in indiana, until i sell my house. [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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