Primary Residence

Primary Residence
A primary residence refers to the main home a person inhabits most of the year, also known as a principal residence. It contrasts with second homes and vacation homes.
Principal Residence
Formerly referred to as the primary residence, a principal residence is the main home where an individual lives and spends the majority of their time. Certain tax benefits and legal protections can be tied to the designation of a property as a principal residence.

Accounting Terms Lexicon

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