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
One of the many Inflation definitions can be put into these simple words: the result of the general increase in prices over a period expressed as a percentage. Inflation is controlled by ...
Method of construction where part of the structure is supported by a cantilever beam or truss. ...
Equals the tax divided by taxable income. Foe example, if the tax is $30,000 on taxable income of $120,000 the effective tax rate if the business is 25% ($30,000/$120,000) ...
Method of selling and obtains possession, but the seller retains the title. ...
Writ issued by a superior court to a lower court requiring the latter to produce a record of the proceedings of a particular case. The purpose of a writ of certiorari is to review the ...
Land that has poor income potential, usually used in an agricultural sense meaning that the land is untellable, has poor access, is extremely steep, has suffered serious erosion, is ...
Drilled well where water rises through the opening because of naturally occurring water pressure. ...
An opening that lets the outside air come in or out of a structure. A ventilation fan lets the structure have access to outside air when the switch is in open position. ...
Reference to let the vendor beware. Without specific exemptions, the vendor is obligated for action by the buyer for any explicit or implied modifications in the contract or warranty. ...
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