Which of the following is/are correct concerning a principal residence?
I.A principal residence can be a house, condominium, mobile home, or houseboat.
II.A taxpayer can have more than one principal residence at a time.

A)Only statement I is correct.
B)Only statement II is correct.
C)Both statements are correct.
D)Neither statement is correct.

Question

Which of the following is/are correct concerning a principal residence?
I.A principal residence can be a house, condominium, mobile home, or houseboat.
II.A taxpayer can have more than one principal residence at a time.
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A)Only statement I is correct.
B)Only statement II is correct.
C)Both statements are correct.
D)Neither statement is correct.

Quizplus · Accepted Answer

Statement I is correct as a principal residence can be any type of dwelling that serves as the taxpayer's primary place of residence. However, statement II is incorrect as a taxpayer can only have one principal residence at a time for tax purposes.

Which of the Following Is/are Correct Concerning a Principal Residence