Personal residence refers to the dwelling unit that an individual claims as their primary home, which establishes their legal residence for voting, tax, and legal purposes.
In the context of taxation and real estate, a residence refers to a place where someone lives. It can be classified into various types including personal residence, principal residence, and qualified residence.
A residence that is not one's principal residence. A taxpayer may deduct interest up to certain limits on two personal residences, provided certain occupancy requirements are met.
