Also known as: main home, principal residence

<aside> <img src="/icons/bookmark-outline_orange.svg" alt="/icons/bookmark-outline_orange.svg" width="40px" /> Your primary residence is where you live for most of the year. It can be a house, apartment, condo, or any other type of living quarters. You can only have one primary residence at a time.

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Tax Impact: Your primary residence plays a crucial role in determining your state tax residency status, tax benefits and deductions.

Example: You own a house and live there year-round. This is your primary residence. You also own a beach house that you visit for a few weeks each summer. This would be considered a second home, not your primary residence.

📖 References

§ 121 - Exclusion of gain from sale of principal residence

IRS Publication 523, Selling Your Home

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