What is Principal Residence?
The primary location that a person inhabits. It doesn’t matter whether it is a house, apartment, trailer or boat, as long as it is where you live most of the time. Read more for examples and further explanation including related video clips and also comments
Example explains Principal Residence
You can usually avoid capital gains on the sale of your principal residence, provided you buy another place of equal or greater value that is going to become your new residence.
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