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
Changes made by a lessee to property during the term of the lease. In general, if the changes are permanent such as the addition of a building to lease land, the ownership of the building ...
An accessory building is an outdoor structure used by the occupants of the main building or house. They have different functions and can be detached or attached to the main building on the ...
Real estate bought and leased to tenants to obtain rental income. ...
Most people seem to be baffled by the fundamental terminology in real estate: brokers vs. agents vs. employing brokers vs. mortgage brokers, etc. Let us provide some clarity! The primary ...
Stiff pipe used to cover electrical wiring for safety purposes. ...
Legal obligation stemming from a civil wrong or injury for which a court remedy is justified. A tort liability arises because of a combination of a direct violation of a person's rights, ...
Among other things. Inter alia is an ancient method of referring to statutes without reciting all of their provisions. ...
In appraisal jargon, property currently being appraised. ...
The definition of the term right of way is an easement or the right of another person to pass over land owned by someone else to reach a particular destination. An individual is typically ...
Have a question or comment?
We're here to help.