There are many people who unfortunately have a complicated living situation; one that isn’t traditional. If you’re one of these people, and you are wondering if you can maintain two residences at the same time, the short answer is no.
However, there are a lot of ins and outs involved, so it’s important to be in the know on where you stand. Read on to find out more about having two residences.
Ask Yourself The Following Questions
Maybe your partner has had to move to another location because of work, or to help and support a family member in another town, if so, it can see you owning more than one home. You may be wondering how you deal with owning more than one home and you’re in the right place. As it stands, the IRS has made it clear that you cannot have two primary residences. So, therefore, you must establish which one will be your primary residence. In order to do this, establish the answers to the following questions:
- Where does the bulk of your mail get delivered to?
- What address is listed on your driver’s license?
- Which home is closer to the place you work?
- What address is listed on your tax returns or other important documentation?
- Where are your car(s) registered?
These questions should help you understand where your primary residence should be. If all of the above is split between your two addresses then pick one as it could cause problems with the IRS.
Speak to Joe Bonnie & Son
If you’re about to move home, have just bought one or require assistance with storage or anything else, pick up the phone and call us today at 561-272-2122. We’re happy to help when it comes to your moving and storage needs.