Daily Tax Report ®

Home Isn’t Just Where the Heart Is—It Matters For Your Taxes

Nov. 24, 2020, 9:45 AM

This week, airports, trains, and highways will be filled with individuals making their way home for Thanksgiving dinner—my daughter included.

Home is a funny concept. When asked to define home, my guess is that most people would say it’s where you spend most of your time. However, my daughter would likely still call our house in Pennsylvania her home, even though she spends most of her time in a slightly more cramped dorm room in North Carolina.

The reality is that home—whether for sentimental or tax purposes—isn’t always neatly or easily defined. Often, home is determined not by a single...

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