Primary Residence: Definition and Impact on Your Mortgage and Taxes
Your primary residence qualifies for certain government-backed loans and has different tax implications compared to a second home or vacation home, making it important for homeowners to understand.
46.1% of Homeowners in New York Will Face a Hidden Home Equity Tax If They Sell
In New York, 46.1% of homeowners possess home equity that exceeds IRS capital gains tax exclusions, leading to potentially significant tax liabilities upon sale.
50% of Homeowners in New Hampshire Will Face a Hidden Home Equity Tax If They Sell
In New Hampshire, 50% of homeowners have more home equity than the IRS exclusion for capital gains tax, with 9.3% of married couples exceeding the $500,000 limit.