Primary

How do you turn a second home into a primary home?
Q. My husband and I sold our primary home this year, but still own another house in a different state. We are now renting in the city of our primary home, but would like our second home to be considered our primary for capital gains reasons. I spend at least 50 % of my time at our second (now only) home. What do we need to do to make our 2nd home our primary?
Asked by Tracy S - Wed Jan 17 15:03:29 2007 - - 9 Answers - 0 Comments

A. Consult a tax professional. Residency is a big issue for the tax guys, as so many try to claim they live in state-income-tax-free states like Florida. You will likely need to start keeping a detailed log book of when you were actually living in which place. You need 183 days in your home to consider it your primary residence. But, to qualify for the exemption, you may need to actually log 2 full years out of the past 5 actually living in that home, so if you're only there half the year, it may take you 4 of those 5 years just to get 2 full years that actually qualify. It's too complex to just guess. Spending a couple hundred bucks with a tax advisor now could save you thousands and thousands in taxes or penalties if you do it wrong.
Answered by NONAME - Wed Jan 17 15:23:43 2007

How does the presidential primary election work?
Q. Who actually votes in the primaries? What is the difference between the primary and caucus? Who votes in those? Then the candidates are sent to the convention, right? Does more than one candidate from each party get sent to their convention and if they do, who selects them? Thanks for the help, I need it!
Asked by unknown - Tue Nov 27 21:04:49 2007 - - 2 Answers - 0 Comments

A. ok I will try to make this short. The primaries and caucuses in an election years start in January and go until June. Each party gets one primary or caucus per state and assigns a number of delegates for each state. In a primary, Americans formally vote for their candidate and those with the most votes receive the most delegates. Exactly how and how many is determined by the party and the state. A caucus is less formal. The BEST way to explain it is in this video: The delegates all attend the national party convention at the end of summer/beginning of fall and formally cast their votes for the candidates they already pledged their vote to. Candidates often drop out as the primaries go on if they feel they are not going to win. The… [cont.]
Answered by Declare Yourself - Wed Nov 28 15:52:31 2007

Is refinance a must to convert my primary residence into an investment property?
Q. I am buying another home and making it my primary residence. I am planning to rent out my current primary residence, on which I have mortgage, thereby making it an investment property. Does that invalidate the mortgage terms because the mortgage was issued with the condition that the property be used as a primary residence. Do I have to necessarily refinance it by classifying it now as an investment property? Thanks in advance for any help.
Asked by Chakravarthi Chigurupati - Fri Jun 18 12:11:43 2010 - - 4 Answers - 0 Comments

A. Yes, if that is a term of your contract, and it is there when they give you a lower interest rate, you must refinance it as an investment before you can legally rent it out.
Answered by Landlord - Fri Jun 18 12:47:52 2010