1034/121 Rolldown
Definition of "1034/121 rolldown"
Combination of IRC 1034 and 121 dealing with the sale of a personal residence with the once-in-a-lifetime $125,000 exclusion that may be available for the "over-55" seller. Should the over-55 homeowner buy a new home of lesser value, the $125,000 exclusion can be used to avoid some or all of the taxes on the sale of the old residence.
Popular Real Estate Terms
Timber in an original form, such as a pole. ...
Member of a partnership whose liability for partnership debts is limited to the amount invested in the partnership. A limited partner is prohibited from taking active part in the management ...
Estimated value of property after a specified time period. ...
Measure of land representing one square mile. A section equals 640 acres. ...
mortgage being reduced through periodic principal and interest payments. ...
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Structure not directly belonging to a property but considered a part of it through the use of an easement of common consent. ...
See historic structure. ...
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