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What else can I help you with?
Can I deduct depreciation on my primary residence?
No, you cannot deduct depreciation on your primary residence for tax purposes.
Can a house with a second home mortgage become a primary residence?
Yes. The designation as primary residence is irrelevant to the number of mortgages.
Can I use a 1031 exchange for my primary residence?
No, a 1031 exchange can only be used for investment or business properties, not for a primary residence.
If one owns the 1st home as the primary home and owns a 2nd home for family to live in - can the 2nd home still be considered as a primary residency home and not an investment property?
simple answer is no. The home can be considered as a second home if it is at least 50 miles from the primary residence. Otherwise it has to be treated as a investment.
Can I use a 1031 exchange to buy my primary residence?
No, a 1031 exchange cannot be used to buy a primary residence. It is specifically for investment or business properties.
How does inheriting a house affect my ssi?
Inheriting a house can impact your Supplemental Security Income (SSI) benefits, as the value of the home may be considered an asset. If the inherited property is your primary residence, it typically does not count against the asset limit for SSI. However, if you inherit additional property or if the house is not your primary residence, its value may affect your eligibility for SSI. It's important to consult with a financial advisor or a legal expert to understand the specific implications for your situation.
What are some phrases with the word primary in them?
primary colors primary election primary source of income primary residence or primary place of residence primary function primary caregiver
Can you deduct homeowner association dues?
Usually not, since your assessments pay for services and contributions to your reserve accounts.
Can I deduct depreciation on my primary residence?
No, you cannot deduct depreciation on your primary residence for tax purposes.
Can you use your condo your primary residence for a equity line of credit?
If you live there, of course. If you do not live there, then it is not you 'primary residence'.
Do property taxes go up on your primary residence if you buy a 2nd home?
They are independent properties and there should be no effect on taxes on the primary residence as long as it continues to meet the requirements for a primary residence.
Can a house with a second home mortgage become a primary residence?
Yes. The designation as primary residence is irrelevant to the number of mortgages.
Can I use a 1031 exchange for my primary residence?
No, a 1031 exchange can only be used for investment or business properties, not for a primary residence.
What considered to be recreational property?
Places like a beach, lake, or campground are considered to be recreational property. They are not typically associated with a primary residence but rather a place to get away for a few days.
If one owns the 1st home as the primary home and owns a 2nd home for family to live in - can the 2nd home still be considered as a primary residency home and not an investment property?
simple answer is no. The home can be considered as a second home if it is at least 50 miles from the primary residence. Otherwise it has to be treated as a investment.
Is land considered an asset in financial accounting?
Yes, land is considered an asset in financial accounting.
Can I use a 1031 exchange to buy my primary residence?
No, a 1031 exchange cannot be used to buy a primary residence. It is specifically for investment or business properties.
