A principal residence, also known as a primary residence or main residence, is the dwelling where a person usually lives, such as a house or an apartment. A person can only have one principal residence at any given time, although they may share the residence with other people. For tax purposes, a principal residence is the dwelling that a person inhabits most of the time. It does not matter whether it is a house, apartment, trailer, or boat, as long as it is where an individual, couple, or family lives most of the time. The IRS generally considers a persons primary residence to be the home where they spend the most time, but also looks at numerous other factors. These factors include the length of time the person has lived in the residence, the address listed on the persons federal and state tax returns, drivers license, automobile registration, and voter registration card, and the taxpayers mailing address for bills and correspondence. If a taxpayer maintains more than one residence and divides their time between those residences, the dwelling in which they spend more time would likely qualify as their principal residence.