A person's primary residence , or a primary residence is the residence where they normally live, usually a house or apartment. A person can have only one primary residence at any given time, even if they can share a place of residence with others. The primary residence is considered a legal residence for the purposes of income tax and/or obtaining a mortgage.
The criteria for primary residence mostly consist of guidelines rather than hard rules, and housing status is often determined on a case-by-case basis.
Video Primary residence
Use in city planning
The primary residence is the primary residence unit on a piece of land. This term distinguishes this unit from secondary potential.
Maps Primary residence
Definitions in specific jurisdictions
United Kingdom
If the taxpayer owns the property but never lives in it, it can not be considered as their primary residence even if it is the only property they have. Next, the court will ask itself, to determine if the property is their primary residence, whether reasonable people will consider their home property in the light of all the facts surrounding the case.
A ship can not be considered a place of residence, and the land property that a person returns after being at sea will be considered his primary residence.
If a person is forced to move away from a property that is usually called a "home" because of a job but sometimes returns to the property, then it is still classified as their primary residence. At Doncaster Metropolitan Borough Council v Stark, Mr. Stark, an RAF soldier, returns to his wedding duty home only on leave. The court dismissed Mrs Stark's claim that she was entitled to a 25% discount on that person by the amount owed to the Board. The court ruled that he was not one person, because the property was also Stark's main residence, that is, where Mr. Stark would live if it were not for the demands of his work.
United States
The requirements to validate your primary residence vary and depend on the agency requesting verification.
At the federal level, the primary residence of the taxpayer may in general include a houseboat, a house trailer, or a house or apartment that the taxpayer is entitled to occupy as a shareholder in a cooperative housing company, in addition to a traditional house. Specifically, the Financial Regulation Section 1.121-1 (b) (2) provides the following terms: In the case of a taxpayer who uses more than one property as a residence, is the property used by the taxpayer as the taxpayer's primary residence subject to all facts and circumstances. If a taxpayer alternates between 2 properties, the property that the taxpayer uses the majority of the time during the year will normally be considered the taxpayer's main residence. In addition to the use of property taxpayers, the relevant factors in determining the taxpayers' main residence include, but not limited to - (i) Taxpayer's workplace; (ii) the main place of residence of taxpayer family members; (iii) Addresses contained in federal tax returns and taxpayer states, driver's licenses, car registrars, and voter registration cards; (iv) the address of the taxpayer for billing and correspondence; (v) The location of the taxpayer's bank; and (vi) The location of the religious organization and leisure club with which the taxpayer is affiliated.
In the United States, primary residence is understood as a property that has regular access to, as opposed to owned property but does not have access to it therefore leased to others. This may affect eligibility for a mortgage or a home equity loan, with the general requirement being more lenient to get a loan for the property that lives in it, it is believed that homeowners will try harder to repay the loan if they risk losing their primary residence.
The false representation of a person's primary residence may result in significant financial losses and potential criminal costs.
See also
- Residency
- Tax residence
- Official residence
References
External links
- Primary Residence as determined by the Canadian Income Agency
Source of the article : Wikipedia
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