Here are some key criteria to keep in mind:

🔸 The taxpayer must own the housing unit, either jointly or solely.

🔸 A family unit may only have one principal residence at a time. The unit must be ordinarily inhabited in the year.

🔸 The land upon which the housing unit sits cannot exceed approximately 1.24 acres, with exceptions.

Understanding these rules can help you make the most of your real estate investments. If you have any questions or need further guidance, feel free to reach out!