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A primary residence is considered to be a legal residence for the purpose of income tax and/or acquiring a mortgage. Criteria for a primary residence consist mostly of guidelines rather than hard rules, and residential status is often determined on a case-by-case basis.
For example, a married couple could acquire two primary residences if each spouse buys a primary residence and keeps their mortgages separate. This would mean each spouse having sufficient income ...
The criteria for residence for tax purposes vary considerably from jurisdiction to jurisdiction, and "residence" can be different for other, non-tax purposes. For individuals, physical presence in a jurisdiction is the main test. Some jurisdictions also determine residency of an individual by reference to a variety of other factors, such as the ...
Voting by the general public (the electorate) is also defined by residency, with most people being prohibited from doing so except at the precinct for their primary residence. There are exceptions for this such that expatriates can vote in the country where they maintain their original citizenship .
Converting a rental property into a primary residence involves careful planning and consideration of various tax implications. Section 121 of the IRS code and 1031 exchanges offer valuable tools ...
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Strengthens and makes permanent the system that protects tenants in buildings that owners seek to convert into co-ops or condos. Eliminates the option of "eviction plans" and institutes reforms for non-eviction plans. Requires 51 percent of tenants in residence to agree to purchase apartments before the conversion can be effective.
In the United States, to be considered an accredited investor, a natural person must have a net worth of at least $1,000,000, excluding the value of one's primary residence, or have income at least $200,000 each year for the last two years (or $300,000 combined income if married) and have the expectation to make the same amount this year, or ...