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
Property tax rate whereby each mill is $1 of tax assessment per $1,000 of assessed property value. For example, a house in Los Alamitos is assessed at $200,000 and the millage rate is 10 ...
Material used for covering the surfaces of walls or ceilings. Plaster used to be made from plaster of paris, but is now primarily made from cement mixed with sand and water. After plaster ...
Partnership agreement where the parties consent to purchase the interest of those leaving the partnership while those leaving similarly consent to sell their interests to agreement for a ...
Litigation undertaken to obtain or maintain possession of real property. ...
To leave property. An example is a tenant who moves from the apartment and takes all her possessions at the termination of the rental period. If a tenant leaves before the lease expires, ...
Real property usable in a trade or business. Such as, the property on a which retail store, hotel, or office building are located. ...
Same as term cape cod colonial house: Early American style 1 1/2 story house with a steep gable roof covered with shingles. The bedrooms are on the first floor, but the attic is often ...
(1) Method of measurement lumber using the board foot cubic measure. The board measure is used to estimate quantities and prices of lumber materials. (2) Method of estimating lumber ...
(1) Wide boards, generally two inches thick, attached to flooring or roof of a structure. (2) Light gauged ribbed metal sheets used for supporting a roof or floor. ...
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