E.B. (Evie) Solomont

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85 appearances 1 recordings 1 series first heard Oct 2021 last heard Oct 2021

E.B. (Evie) Solomont’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Owning a Second Home Raises Tricky Financial Questions · 28 Oct 2021 podcast

There's no such thing as a co-primary home, even if you are living somewhat roughly equally in two different places.

You're only able to designate one primary home, even if you're splitting your time between two.

Having two homes is great.

It definitely sounds great on a rainy northeast day having a second home in some place warmer.

But broadly, you now have the expense of two homes.

You have two mortgages in theory, you've got homeowner's insurance for two homes, and you're paying for the upkeep and carrying costs associated with owning two homes.

And

That could be everything from making sure the refrigerator is stocked when you want it to paying taxes.

And of course, the big issue is taxes.

Generally, states are taxing your income based on your primary residence.

And it's only possible to have one primary residence, so you want to make sure that you're not being taxed by multiple states.

For years, some states have tried to tax the income of people who work in their state but live elsewhere, maybe taxing income on days that they're in state.

For the most part, those policies were relaxed during COVID, but this is really a gray area in tax law right now.

Sure.

So for anyone who has more than one home, keeping track or designating one of the homes as your primary residence is going to be really important.

For some people, it might be really clear.

You might spend just significantly more time in one house.

If you're really splitting between two homes somewhat equally, you'll want to keep track of how many days you spend in each house.

You'll keep track of where you're working and

Typically, people with two homes who have one as the primary, they'll have all their mail go to the primary house.

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