Exempt Property Simple Definition
Description
How to fill out Property Claimed As Exempt - Schedule C - Form 6C - Post 2005?
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FAQ
But if you live in more than one home, the IRS determines your primary residence by: Where you spend the most time. Your legal address listed for tax returns, with the USPS, on your driver's license and on your voter registration card.
To claim this tax exemption, you must complete form TP-274-V, Designation of Property as a Principal Residence, and include it with your income tax return for the year of sale. If you do not send us this form, you are liable to a penalty of $100 per month, to a maximum of $5,000.
You are an excluded owner of a residential property if you are any of the following: the government of Canada or a province, or an agent of the government of Canada or a province. an owner of the residential property as a trustee of any of the following trusts: a mutual fund trust for Canadian income tax purposes.
Failure to comply with these administrative rules entails penalties, which is the lesser of $100/month of late designation or $8,000 for the year.
Excluded owner An individual who is a Canadian citizen or permanent resident (unless included in the list of affected owners) Any person that owns a residential property as a trustee of a mutual fund trust, real estate investment trust, or specified investment flow-through (SIFT) trust for Canadian income tax purposes.