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
The term “a priori” can be pretty puzzling in real estate. Originating from Latin, “a priori” translates to "from the earlier" or "from the former." This concept, ...
A roof having two slopes on each side. The second slope is longer than the first part of the roof and extremely steep. ...
Neighborhood square somewhat resembling a park. It is often owned by town or row house owners situated near the square. ...
Connected group of wires, woods, or other materials surrounding real property to either protect it or act as a barrier against others. ...
Land zoned for industrial use including manufacturing, factory office and warehouse space, research and development. ...
The central core of an urban area. The inner city contains the major commercial center, termed the central business district (CBD). Close to the inner city are also some of the poorest ...
Structural, storage, and shelving characteristics associated with a warehouse. ...
New cost less accumulated depreciation to date. ...
Timber in an original form, such as a pole. ...
Have a question or comment?
We're here to help.