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
Insects that destroy the support wood in the structure of a building. Termite inspection should be periodically performed to detect their existence. If an infestation is confirmed, the ...
Accounting statement at the settlement of a real estate transaction that shows each item charged or credited, to whom, and for how much. ...
Difference between cash revenue less cash expenses before taxes associated with rental property or a real estate investment. ...
Correcting depreciation by making improvements at less cost than the value added. For example, the management of an aging strip shopping center makes a decision to refurbish the windows and ...
Multistory, nineteenth-century house featuring turrets, high chimney, and decorative trim. ...
The assessment in real estate definition means the evaluation of a property’s value by an assessor. They are generally required to evaluate the property annually as the assessment is ...
A property title evidencing ownership such as provided in an abstract of title. There are no contingent liabilities or prior unresolved ownership claims. ...
Certificate issued to the buyer at a judicial sale, such as an execution sale. After the time for redemption has expired, the holder of the certificate is entitled to a deed. ...
Second home. The interest and real estate taxes on the second home are tax deductible on the family's 1040 tax return. ...
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