I share my first property with a family member which is my primary home. If I buy a second property (and keep the first property) and live there, does that second property now qualify as my primary home?

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The house you live in is your primary, regardless of the purchase sequence, or the number of properties you own.

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Yes. However, if you have not lived in your first home as your primary for >2 years, you may be liable for a lot more in tax if/when you sell. Primary homes can yield gains tax free up to $250k given certain requirements like 2+ years as your primary. After that, you can buy another home as your primary, and rent out your first. When you sell, you’ll have to evaluate how long it was your primary vs a rental property for tax purposes on the income + gains.

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Thanks. I’ve lived in the first home for 3+ years. Would it matter if my family member that I share the mortgage with still stayed in the first home as their primary residence? I want my own place but still would like to keep the shared mortgage on the first house.

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