Two Primary Residences (2024)

The IRS is very clear that taxpayers, including marriedcouples,haveonly oneprimary residence—which the agency refers to as the “main home.” Your main home is always theresidencewhere you ordinarily live most of the time. ... There are, however, tax deductions the IRS offers that cover the expenses on up totwohomes.

It's perfectly legal to bemarriedfiling jointly withseparate residences, as long as your marital status conforms to the IRS definition of “married.” Manymarried coupleslive inseparatehomes because of life's circ*mstances or their personal choices.

Thekey phrase in that last paragraph isprimary residence. Secondhomestypicallydonot qualify for this exclusion. However, it's worth mentioning thattheIRS definesthetermprimary residenceas somewhere that you lived full-time for at least two ofthefive years precedingthe sale.

Please check out this IRS Publication on the sale of your residence.

Sale of Residence

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Two Primary Residences (2024)
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