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My client bought a new principal residence well before being able to sell his previous one. Can i treat both homes as principal residence ?

CS
Level 1
 
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tilt53
Level 3

By definition alone there can be only 1 primary.

View solution in original post

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9 Comments 9
tilt53
Level 3

By definition alone there can be only 1 primary.

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abctax55
Level 15
HEY, Sandy ..  where ya' been :smile::smile:
"*******Tax software is no substitute for a professional tax preparer*******
( Generic Comment )"
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tilt53
Level 3
Back in the hospital for a week or so.  Doing better again.
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abctax55
Level 15
bummmmmmmmer....sorry to hear that.
"*******Tax software is no substitute for a professional tax preparer*******
( Generic Comment )"
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itonewbie
Level 15
Take care of yourself, Sandy. :pray::pray:
---------------------------------------------------------------------------------
Still an AllStar
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sjrcpa
Level 15
You have been missed. glad you're doing better.

Ex-AllStar
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IRonMaN
Level 15
:+1::+1:

Slava Ukraini!
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garman22
Level 13
Level 13

That one is a loaded question. Principal....not in the sense I think you mean. The one you are not living at will be treated as an investment piece of property. You will continue to deduct mortgage interest (assuming you qualify to do so) and property taxes. When you sell, it "should" qualify for the 121 exclusion assuming you meet all qualifications to do so.  

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TaxMonkey
Level 8

I'm curious as to the context you are asking this question?

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