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which of the following facts would not necessarily be taken into consideration when trying to determine which of two residences is the principal residence of the taxpayer? multiple choice question. the proximity of each residence to the taxpayer's job the principal place of abode of the taxpayer's immediate family the taxpayer's mailing address for bills and important correspondence the proximity of each residence to the taxpayer's close friends

Sagot :

"The proximity of each residence to the taxpayer's close friends" is a fact would not necessarily take into consideration when trying to determine which of the two residences is the principal residence of the taxpayer.

There are several factors to take into consideration when determining the principal residence of a taxpayer, and proximity to the taxpayer's close friends is only one of them.

You should also consider whether or not you own any other real estate in the area as well as how long you've lived there, among other things.

In determining which of two residences is the principal residence of the taxpayer, there are many factors to consider, and none of these factors should be taken into consideration in isolation from all the others.

In particular, the proximity of each residence to the taxpayer's close friends should not be the only factor in determining which of two residences is the principal residence of the taxpayer because, while it may be true that most people go home to see their close friends after work or on weekends, it does not follow that their close friends also live near where they work or what they do on weekends.

The Canada Revenue Agency provides clear criteria on how to determine if the principal residence exemption (PRE) may be claimed by a taxpayer for a specific property in its Income Tax Folio S5-F1-C1.

Determining an Individual's Residence Status, which can be found online at www.cra-arc.gc.ca.

According to the CRA, when determining the principal residence of an individual, one of the factors that must be considered is the proximity of each residence to the taxpayer's close friends and relatives.

For more Awareness on how to determine which residence belongs to the taxpayer, You can reach out to speak with an experienced tax attorney in your specific area respectively.

To learn more about Principal's Residence refer to:

https://brainly.com/question/28084179

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