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
A fully amortized mortgage necessitating periodic payments of both interest and principal. In the early years of the loan, the share of principal is smaller and the interest larger, a ...
The meaning of a grace period refers to a specific time after a payment’s due date. During this period, one can reimburse the amount without penalty, extra costs, or forfeiture. Find ...
The midpoint in a range of numbers. For example, the median (middle value) of a house in Nassau County on Long island in New York is $150,000. By using median values, a prospective buyer or ...
Property deed in which the grantor limits the title warranty to the grantee. A grantor does not warrant a title defect to the property occurring from a happening before the time of his ...
(1) foreclosed real estate or subject property in a bankrupt estate. (2) Income property which is making inadequate returns and has a negative capitalization rate. ...
Preference. Precedence. Something given prior attention. Something having a higher level of importance or ranking. Example of when priority apply are a prospective tenant for an ...
Indicators reflecting future changes in economic conditions; referred to as the Composite Index of 11 Leading Indicators. This index indicates the direction of the economy in the next six ...
The right to deviate from the use of land prescribed by an existing zoning ordinance. ...
Trademark name for shotcrete. ...
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