Can a Second Home Be Considered a Primary Residence?
AuthorAmanda Dodge. Date:
Your primary residence is where you live full-time. This is the address you have on your driver’s license and other forms of identification and financial documents. Your primary residence is different from your second home, vacation home, and any rental properties you own. The Internal Revenue Service (IRS) only allows filers to have one primary residence – and most mortgage lenders follow suit. However, you can reclassify your primary residence if you are making real estate changes. There are both tax and mortgage advantages to moving forward with a reclassification. This guide will dive into the IRS guidelines for residence classification and go through the process of changing what you consider your primary residence. While the answer to, “Can a second home be considered a primary residence,” is no, you may have more flexibility in defining your residency than you think. IRS Guidelines for Primary Residence Classification The IRS has … Continued
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