MAIN HOME
A term used by the Internal Revenue Service (IRS) that denotes the place where a taxpayer has lived for most of the tax year or the only home a taxpayer owns. Classifying a taxpayer’s main home is important in considering gains from the sale of the main home. Determining his or her main home is significant in taxation because vacation homes and investment properties are taxed differently.
Also called a principal residence.
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Regulatory Asset
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Iceberg Order
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IRS Publication 910
A document that gives information on the free resources the agency offers. Published by the Internal Revenue Services (IRS), it identifies many of ...
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