Section 1034
Definition of "Section 1034"
Provision in the Internal Revenue Code applicable to the sale of an individual's house. The gain or loss is deferred by adjusting the cost basis of a new house bought within two years of the date of sale of the old house. The replacement cost for the new house must be equal to or greater than the net selling price of the old house. the net selling price equals the gross selling price less expenses associated with the sale such as brokerage fees." section 1221
Popular Real Estate Terms
To pass property by will to an heir. Strictly speaking, real estate cannot be bequeathed to an heir, it must be devised. However, if it becomes clear the purpose of the testator was to ...
Real estate business owned by one person having all the rights and obligations. ...
Situation in which a purchaser acquires mortgaged property and continues to pay the mortgagee for the debt outstanding. Although the new buyer continues to pay the mortgagee for the debt ...
Lease where, in addition to the rent, the lessee pays the taxes, insurance, and maintenance. As a guarantee for the lessor, the lessee posts a bond payment equivalent to one year's tax, ...
Same as term one-hundred-percent location: Precisely the optimum location for a retail business establishment in an urban central business district (CBD). A one-hundred-percent-location ...
Also called trust deed. A document that conveys title to a neutral third party during the period in which the mortgage loan is outstanding as collateral for a debt. ...
Capital appreciation financial goals set by a company or an individual over an extended period of time. Long-term capital goals establish a method for achieving the capital goal outcome ...
The initial lessee of rented property who then leases it to a subtenant. ...
Also called triple net lease. The lessee pays not only a fixed rental charge but also expenses on the tented property, including maintenance. ...
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