Is your Home with Lot over 1.25 Acres considered Principal Residence?
1/ Only 1.25 Acres will be considered Principal Residence.
2/ When you sell, land in excess of 1.25 Acres will be considered Capital Gain or Loss.
3/ If the property is not subdividable, the whole land may be considered Principal Residence.
1/ Only 1.25 Acres will be considered Principal Residence.
2/ When you sell, land in excess of 1.25 Acres will be considered Capital Gain or Loss.
3/ If the property is not subdividable, the whole land may be considered Principal Residence.
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