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Do not submit this form if the property is not your principal residence and/or any of the disqualifying factors

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Reset Form Michigan Department of Treasury 2368 Rev. 06-17 ASSESSOR S DATE STAMP Principal Residence Exemption PRE Affidavit Issued under authority of Public Act 206 of 1893. 7cc 3. Rescinding Your Exemption Within 90 days of when you no longer own or occupy the property as a principal residence you must complete and file a Request to Rescind Principal Residence Exemption PRE Form 2602 or file a Conditional Rescission Form 4640 with your township or city assessor. Do not send this form directly ...

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What qualifies as a principal residence?

Principal residence means the dwelling where the borrower and, if applicable, Non-Borrowing Spouse, maintain their permanent place of abode, and typically spend the majority of the calendar year. A person may have only one principal residence at any one time.

What is the principal residence exemption?

The principal residence exemption is an income tax benefit that generally provides you an exemption from tax on the capital gain realised when you sell the property that is your principal residence. Generally, the exemption applies for each year the property is designated as your principal residence.

How do you prove primary residence for capital gains?

To qualify the property as your primary residence, the IRS requires that you prove that it was your main home where you lived most of the time. Youll need to show that: You owned the home for at least two years.

What is the IRS primary residence exemption?

If you have a capital gain from the sale of your main home, you may qualify to exclude up to $250,000 of that gain from your income, or up to $500,000 of that gain if you file a joint return with your spouse. Publication 523, Selling Your Home provides rules and worksheets.

How much is the Michigan principal residence exemption?

Principal Residence Exemption (Homestead Exemption) This is usually an 18-mill reduction in calculated taxes. This means that a homeowner is usually going to pay $18 less per $1,000 of taxable value on a principal residence than if it was a cottage or second home.

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What qualifies as a primary residence?

Your primary residence (also known as a principal residence) is your home. Whether its a house, condo or townhome, if you take up occupancy there for the majority of the year and can prove it, its your primary residence, and it could qualify for a lower mortgage rate.

Who can claim principal residence exemption?

1. Principal residence exemptions. Generally, an owner is exempt from the tax if the residential property is their principal residence. People who have multiple homes can only claim the principal residence exemption on the home they live in for the longest period in the calendar year.

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Get the up-to-date Do not submit this form if the property is not your principal residence and/or any of the disqualifying factors 2024 now

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What qualifies as a principal residence?

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What is the IRS primary residence exemption?

How much is the Michigan principal residence exemption?

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