LASSUS AS "BIZ BRAIN" IN THE STAR LEDGER (PRIMARY HOME)
Diahann W. Lassus, CPA, CFP®
practitioner, and President of Lassus Wherley & Associates, P.C. was quoted in
the “ASK The BIZ BRAIN” column in the December 4, 2003 edition of the Star
Ledger. The questions was “we recently sold our home in MA, where we lived five
to seven months out of the year since 1996. We also have a condo in NJ, where
we spent the rest of our time, and a home in FL where we will spend our
winters. Our driver’s licenses, car registrations and voter registrations are
from NJ. Can we claim the MA house as our primary home?” Ms. Lassus said that
normally the key factor in determining the primary residence is where you spend
the greatest amount of time. But when no one residence exceeds six months,
other factors become important. The most important factor is what is called
your historical residence. This is the first location purchased. This home may
also be the largest and have the highest market value, and is probably the state
in which you file a state tax return. She feels that based on the information
which was provided, it doesn’t look like MA is the primary residence, but
suggested speaking with a tax adviser.
Lassus Wherley & Associates is a wealth management firm with offices in New Providence, New Jersey and Naples, Florida, providing fee-only comprehensive financial services, including financial planning, investment management, tax, trust and family office services. The Lassus Wherley web site is www.lassuswherley.com.