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CS57_2
Level 2
December 7, 2019
Solved

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

  • December 7, 2019
  • 3 replies
  • 22 views
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Best answer by tilt53

By definition alone there can be only 1 primary.

3 replies

T
tilt53Answer
Level 3
December 7, 2019

By definition alone there can be only 1 primary.

abctax55
abctax55
Level 15
December 7, 2019
HEY, Sandy ..  where ya' been :smile::smile:
HumanKind... Be Both
G
garman22Intuit Community Champion
Intuit Community Champion
December 7, 2019

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.  

T
TaxMonkey
Level 7
December 7, 2019

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

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