A primary residence is the principal place a person lives for the majority of the year or the permanent home he plans to return to upon conclusion of a temporary stay elsewhere. It can be a house or an apartment a person owns or a rental unit. The concept has a simple definition and ...
With an immediate annuity, the type that distributes to you a portion of your principal plus interest each year during your lifetime, in the end all the principal will have been paid out to you, so there is no principal left to pay out. You can protect your beneficiaries even with an ...
A residence is a location where you may live part-time or full-time. Adomicile is your legal address, and your domicile is located in the state where you pay taxes. Is locality same as suburb? The term locality is used in rural areas, while the termsuburb is used in urban areas. ....
Home sales are subject tofederal and state taxesbut if you are married and filing jointly, you can sell your primary residence the first $500,000 of equity is exempt from the capital gains tax. If you divorce and file as a single, only the first $250,000 of home equity is exempt. Co...
What Is the Debt Service Coverage Ratio (DSCR)? The debt service coverage ratio measures a property’s annual gross rental income against its annual mortgage debt, including principal, interest, taxes, insurance, and HOA (if applicable). Lenders use DSCR to analyze how much of a loan can be...
Yourhome insurance policymight, however, extend coverage to Airbnb rentals if you rent the home infrequently, like once every few months. In that case, your carrier may view your home as your residence (not your business venture), and your insurance coverage would apply. But, depending on ...
For tax purposes, a principal residence is the dwelling that a person inhabits most of the time. It does not matter whether it is a house, apartment, trailer, or boat as long as it is where the taxpayer lives for most of the year. A principal residence is also referred to as a prim...
the bond issold at a discountfrom its face value, and the difference between the purchase price and the face value is considered to be the return on the investment. In the case of a zero-coupon bond, the imputed interest is the difference between the purchase price ...
Property tax benefits. A distribution to a child from the CST is considered a transfer from the decedent spouse and not the surviving spouse. The distribution can take advantage of the decedent spouse’s $1 million non-residence parent-child property tax reassessment exclusion. An additional $1 ...
investor must have a net worth of more than $1 million and annual income of more than $200,000 in the past two years, a qualified purchaser must have greater financial resources. The latter must own more than $5 million worth of investments, excluding a primary residence and business ...