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Old 11-20-2014, 05:06 PM
 
70 posts, read 147,455 times
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I see this term everywhere, but I don't see a definition anywhere. Does it mean that it is the only residence I own? That I am the only resident? That it is a single-family home? That I'm single?...

Specifically, I'm filling Escrow forms for the title transfer of a condo I'm buying, and I'm required to check some boxes:
Improvement occupied by: owner, single residence, lesse, etc.

Does being or checking "single residence" have any tax benefits or implications?

Thanks
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Old 11-20-2014, 05:16 PM
 
Location: The Triad
34,090 posts, read 82,508,553 times
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Quote:
Originally Posted by binba View Post
Does it mean that it is the only residence I own?
Mostly. Most people will have only ONE home.

Quote:
Does being or checking "single residence" have any tax benefits or implications?
Nope. It's a basic Q to find out about total debt.
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Old 11-20-2014, 05:30 PM
 
Location: Mokelumne Hill, CA & El Pescadero, BCS MX.
6,957 posts, read 22,233,015 times
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As compared to a duplex or other multifamily residence.
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Old 11-20-2014, 06:40 PM
 
70 posts, read 147,455 times
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Hmm, didn't you just give conflicting answers? One saying it's about the # of residences a person owns, the other the # of units in the residence.
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Old 11-20-2014, 06:46 PM
 
Location: LA/OC
1,083 posts, read 2,160,379 times
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The best thing to do would be to call the escrow officer to clarify.
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Old 11-20-2014, 07:00 PM
 
70 posts, read 147,455 times
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Beh, it's 4:58pm, they all went home already. Oh well, they'll have to wait another day.

To help you help me, I should have listed the entire list of options in that "Improvement occupied by" question:
Single Residence
Multiple Residence
Commercial
Owner
Lessee
Tenants
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Old 11-21-2014, 06:56 AM
 
8,540 posts, read 12,279,061 times
Reputation: 16437
Quote:
Originally Posted by binba View Post
Beh, it's 4:58pm, they all went home already. Oh well, they'll have to wait another day.

To help you help me, I should have listed the entire list of options in that "Improvement occupied by" question:
Single Residence
Multiple Residence
Commercial
Owner
Lessee
Tenants
That is just poorly worded. The first three refer to type of unit; the last three to type of occupant. Who writes these things?
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Old 11-21-2014, 10:52 AM
 
Location: Boise, ID
8,046 posts, read 28,371,687 times
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Quote:
Originally Posted by jackmichigan View Post
That is just poorly worded. The first three refer to type of unit; the last three to type of occupant. Who writes these things?
Agreed. For example, my house I live in is a single residence, owner occupied.

A duplex that is rented would be a multiple residence, tenant occupied. (To me a lessee and a tenant are the same thing.)

I suppose "single residence and multiple residence" could actually mean "primary residence" ie the place you are going to call home and live the majority of the time, and "secondary residence" or "vacation home", meaning a place that you will be at less than 50% of the time, while calling somewhere else home. That does make a difference for tax purposes, as does the owner/tenant occupied part.

But I can't see any way, on this list, that you would only check 1 answer. Regardless, either way you interpret it, you should be marking one of the 1st 3 and one of the 2nd 3. Definitely need to check with your agent or the escrow officer to see what the intention is.
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Old 11-21-2014, 12:46 PM
 
Location: Mokelumne Hill, CA & El Pescadero, BCS MX.
6,957 posts, read 22,233,015 times
Reputation: 6469
Quote:
Originally Posted by jackmichigan View Post
Who writes these things?
Some bureaucrat in Sacramento. You should see the entire form. Oh wait, here it is. If you figure it out, let us know.

https://www.google.com/url?sa=t&rct=...80185997,d.cGU
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