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
Increasing tax rates with increasing levels of taxable income. ...
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Receipt given for a partial payment made on the sale of property. It shows the buyer has made a down payment. ...
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Oral defamation of the character or reputation of another. It is the basis for a lawsuit. ...
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