Personal Residence

Definition: A personal residence is generally your main home. Although you can have more than one personal residence, you cannot have more than one main home for tax purposes, according to the I.R.S. A personal residence, for example, is exempt from taxation upon sale if you lived in the personal residence for 2 years out of the last 5 years.

A personal residence can be any of the following:

• A single family home
• A condominium or townhome
• A cooperative apartment
• A modular or manufactured home
• A halfplex or duplex

If you own a vacation home, say, a home in the mountains, that home is not your main residence; it is a second home. Your personal residence is where you spend most of your time.

_{At the time of writing, Elizabeth Weintraub, DRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California.}