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
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Deed that states "love and affection" as the consideration for the gifted real estate. ...
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Any written evidence or tangible material which can be reproduced as written material which is coherent and related to the subject at hand. This includes documents, contracts, inscriptions ...
See assumption of mortgage; deed of trust. ...
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