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
Time period in which one may carry out a lien on property. ...
Individual making the payments in a mortgage or pledging a mortgage or property. ...
In real estate terms, many consider having corner influence an extra financial advantage when it comes to transactions in most cases. Usually, enjoying a corner influence brings an ...
An interest in property with the right o possession being postponed into the future until a certain even occurs. There are several possibilities where a future interest in property could ...
Combination of two or more real estate brokerages into one, with only one company retaining its identity. Typically, the larger of the two companies is the company whose identity is ...
Type of mortgage, which is not based on a constant interest rate. ...
Unglazed and natural clay or shale machine extruded into ceramic tile. Quarry tile is often used for factory flooring. ...
Selling lots of land for such reasons as building structure on them including homes, office buildings, and shopping centers. ...
(1) The transformation of a racially integrated neighborhood-bousing pattern into segregated housing. (2) Deterioration, destruction, or decay. ...
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