Principle Residence and Capital Gains Tax Reporting Changes

  Starting for the 2016 tax year, filing in April 2017, homeowners will need to report the sale of their principal residence on their tax forms.

While there are not any changes to the principal residence capital gains exception itself, the reporting requirements will affect your planning should you own two or more properties anywhere in the world.

Your principal residence can be any of the following types of housing units:

• a house
• a cottage
• a condominium
• an apartment in an apartment building
• an apartment in a duplex
• a trailer, mobile home, or houseboat.

A property has to qualify to be a principal residence. For an in-depth look at principal residences click here.

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