I agree; while the pubs are often a good place to start, I've sometimes found two publications offering (seemingly) contradictory instruction.IRS publications are not the law nor are they regulations, and they are not authoritative. The relevant law is IRC Sec 121 - "Exclusion of Gain From Sale of Principal Residence". I would urge you to become familiar with Sec 121 and the associated regulations, and then proceed with caution.As I mentioned earlier, there is absolutely no usage of the terms "legal residence", or "primary residence", or "principal residence" in the IRS regulation (Publication 523). They only use the term "main home"...If they file a tax return as a full-year SC resident and GA nonresident, they cannot credibly claim that the GA home was their principal residence during any part of that year. Spending 3 months during the year in one of your homes does not convert that home into a principal residence.
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Statistics: Posted by jebmke — Sat Mar 23, 2024 12:56 pm — Replies 39 — Views 1560
