Tag Archives: Personal Residence

Cannot Prove Residence

Today TaxMama® hears from Johnathan in the TaxQuips Forum, with a good question.  Let me summarize. “Although I have lived in my home for more than two years, I don’t have proof of that. My voter registration, driver’s license and banking all show a friend’s address. What kind of penalties will I face if the […]

Short Sale

Today TaxMama® hears from YbSick in the TaxQuips Forum, with a common question.  “In a short sale where they abandoned the property and they receive a cancellation of debt, is it non-taxable since it was on their personal residence? Is there a time limit on how long after they move out of the property it […]

Interest on Multiple Homes

Today TaxMama hears from Karen in the Tax Quips Forum, with a complex problem. “Her client owns three homes: A primary home, a vacation home and a home for Mom. They bought the vacation home with a mortgage. After paying cash for their residence, they refinanced it buy Mom’s home. The question is – can […]

Residence or Travel

Today TaxMama hears from Susan in the TaxQuips Forum, with this issue. “We have a rental property that we want to re-establish residency in for the 2 year period without selling our current home we live in. I have to go back to work near the rental property so it is my plan to stay […]

Ten Tax Tips for Individuals Selling Their Home

Courtesy of the IRS The Internal Revenue Service has some important information to share with individuals who have sold or are about to sell their home. If you have a gain from the sale of your main home, you may qualify to exclude all or part of that gain from your income. Here are ten […]

Selling Inheritance at a Loss

Today TaxMama hears from Liz in the TaxQuips Forum with this interesting situation. “My father’s cousin passed away and I inherited part of his home.  The executrix of the estate said that since the home sold for less than it was appraised for on the date of his death, we each may be able to […]

Short Sale, Now What?

Today TaxMama hears from Toki in the TaxQuips Forum, with a problem, “I bought my house in 2005 and it is now upside down. I decided to try and have my loan redone and got shafted out of $4,000, having a third party to do it for me. I stopped making my payments and I […]

Lying About Personal Residence

Today TaxMama hears from George in Indiana, with this question. “I bought two houses, one of which was purchased in 1999. I lived there until 2007, then rented out and moved to Texas. I also bought another house that is next to my first residence in 2004. I rented out the 2nd house two years […]

His and Her Homes

Today TaxMama hears from Rhonda in Florida with this dilemma. “I purchased a condo in Florida in 1996. It was my primary residence for about 5 years. Then I got married, moved in to my husband’s condo and rented mine out. It was a rental property for the past 5 years. Since I originally purchased […]

Sub-Divide Personal Residence

Today TaxMama hears from Scott in Connecticut who tells us. “I have a primary residence which I have occupied for more than 2 years. I‘d like to divide the property and sell some of it. How will the proceeds be treated from a tax standpoint?”