principal residence exemptions

Definition

A tax exemption that applies to taxpayers who sell their personal residence and realize a capital gain. The exemption is only available on a designated principal residence that satisfies minimum ownership requirements. For example, in the U.S., a principal residence is defined as a home that has been occupied by its owners for two years out of the most five year period.
Browse Definitions by Letter: # A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
principal residence principal risk