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
Any of several types of legal joinders whereby one or more parties unites with or joins other parties in a legal action or proceeding even though the party may not be a direct part of the ...
Specific portion of a larger land tract. A parcel can also be a lot in a property subdivision. ...
Founded in1934 and located in Chicago, IL with a 1993 membership of 8,300, the IAAO seeks to ameliorate assessment standards as well as to perform ongoing property assessment research. The ...
A bond, also known as a completion bond, given by a contractor and issued by an insurance company to guarantee the completion of contracted work. Public authorities often require a ...
Same as term closing: legal process of transferring a piece of real estate to a buyer. Typically it occurs in the office of the lender, attorney, or an escrow company. ...
Housing where affirmative action is actively pursued encouraging people of all races, nationalities, and religions to purchase or rent the facilities. ...
An equity-to-value ratio is an excellent tool for those homebuyers that want to understand how profitable an investment is based on the amount of money invested and the actual value of the ...
A four-unit building with four tenants in a condominium type of ownership and management. ...
A relationship with a person, thing, or item that is the foundation of an insurance policy. One having an insurable interest has a financial stake in preserving the insured person or ...
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