Over Age 55 Home Sale Exemption
Definition of "Over age 55 home sale exemption"
The Internal Revenue Code (IRC Sections 1034 and 121) providing that a person over age 55 can sell a principal residence at a gain and exclude once in a life time up to $125,000 of the gain for taxes. It is allowed irrespective of the purchase of another home. The person must have used the property as a principal residence for 3 of the last 5 years.
Popular Real Estate Terms
(1) Temporary and symbolic payment showing good faith and obligating two or more individuals until a final transaction takes place. The binder is typically returned if the final agreement ...
Insurance or maintenance policy taken out by a buyer of real or personal property. ...
Large heavy piece of wood or other material generally running horizontally through a building providing support for other parts of the structure. The stringer usually runs in the direction ...
Interest rate on a mortgage that moves up or down based on some variable such as an index of lender's cost of funds, inflation rate, or prime rate. ...
Claim by a real estate broker that his or her actions were the principal cause of the completion of a property sale between two parties. A successful procuring cause claim would entitle a ...
provision in a written agreement allowing the prospective purchaser the right to cancel the contract if occupancy requirements are not satisfied as of a specific date. ...
Period of time interest rates are guaranteed by lock-in-clause. The guarantee period of time is longer during stable economic periods with low rates of inflation. ...
Amount paid back or credit given because of an overcollection or the return of property sold. Also called refund. Unearned interest refunded to a borrower if the loan is paid off before ...
Unimproved property. It has no utilities, sewers, streets, or structures and usually must be cleared. ...
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