There is a new reporting requirement for the Principal Residence Exemption (PRE). When you sell your principle residence and use the PRE, you have to report it. First, I’ll discuss the PRE and in the next blog I’ll discuss the new report. As tax is the largest payment one makes each year, it is a good idea to have your taxes reviewed by a tax accountant. The Principal Residence Exemption is an opportunity to keep the capital gains tax-free on your principle residence that you have owed for longer than a year, and where you have lived for at […]
