What is the definition of “Primary Residence”?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
What is the definition of “Primary Residence”?
I got married 9 months ago…and I own a condo (which I am renting out). I’ve had this condo for 4 years. I would love to get rid of it…but I understand if it’s not my “primary residence” – it will be a lot more difficult going into a short sale. Even though I’ve only been married nine months – and I live in a house my husband owns – could the condo still be considered my “primary” residence? What are the laws in California? Thank you.
Asked on May 21, 2009 under Real Estate Law, California
Answers:
E.H., Member, Calfiornia Bar / FreeAdvice Contributing Attorney
Answered 14 years ago | Contributor
According to the IRS website, your "principal residence" is the home where you ordinarily live most of the time. You can have only one principal residence at any one time. It is also known as "Main Home".
The examples of what qualifies as a "main home" are listed on the IRS website below:
http://www.irs.gov/publications/p523/ar02.html#en_US_publink100049858
The laws in California can be found in the Revenue and Taxation Code.
I suggest that you contact a real estate attorney who can help you with real estate transactions, including purchase and sale, leasing, mortgages, and foreclosures.
http://attorneypages.com/580CA/index.htm
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.