Legal Question in Tax Law in Massachusetts

Principal Residence

With regard to the one time capital gains tax exemption, what constitutes one's principal or primary residence and how would one go about proving that the property was used as such? Also is there a minimum period of time that the property must be used as such before it can be sold & the exemption used?

Thank you.


Asked on 8/19/04, 1:01 pm

1 Answer from Attorneys
Burton Haynes Burton J. Haynes, P.C.

Re: Principal Residence

Here's a link to an IRS page that gives you the information about selling your residence: http://www.irs.gov/businesses/small/industries/article/0,,id=98921,00.html.

Also look at IRS Pub. 523 Selling Your Home.

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Answered on 8/20/04, 8:32 am


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