Over Age Home Sale Exemption

Definition of "Over age 55 home sale exemption"

Yama Abbasi

Yama Abbasi

Keller Williams Realty

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.

Search Real Estate Glossary

Related Real Estate Glossary terms

Voluntary Compensation Endorsement

Addition to a workers compensation insurance policy to cover payments to injured employees who are n ...

Term

Period of time of insurance coverage. If a loss occurs during this time, insurance benefits are paid ...

Sale-leaseback

Situation in which an owner of property sells the property to an investor and then leases the prope ...

Long-term Disability Income Insurance

Coverage that provides monthly income payments for as long as an insured remains disabled. The insur ...

Regional Shopping Center

A large enclosed shopping mall having several national and regional retails stores acting as anchor ...

Income

All sources of cash flow, usually stated on an annual basis. ...

Related Real Estate FAQ

What Are The Benefits Of Liability Insurance?

General Liability Coverage includes: Bodily Injury Liability Coverage: Help protect you in case ...

What Is An Appraised Value?

An opinion of a properties fair market value, based on an appraisers inspection and analysis of the ...

What Is A Conventional Mortgage?

A conventional mortgage is a mortgage made by banks and other lending institutions that is not insur ...

What Is Cooperative?

Cooperative is a form of home ownership in which you own shares in a corporation. In return for the ...

What Do I Need To Know About Homeowners Insurance?

It is where you live and where your possessions are. Chances are, it\'s your asset. But more than po ...

What Is Escrow?

Escrow is a trust account created by a neutral third party to hold money for the seller or buyer. Wh ...

Read why Real Estate Agent rates 5 Stars in 10 Agent Reviews

Agents join here

Add our widget on your Website

Real Estate Advice

What is Hazard Insurance? What Must I Disclose When Selling My Home? How To Sell Your Home 7 Tips for a First Time Homebuyer What is Escrow and how does it Work?

FAQ

What are my coverage options? What do I need to know about Condominium Insurance? Should I Pay Extra Each Month? What is a debt-to-income ratio? What is an appraised value?