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
To obtain the right through authorization to act as a legal representative and agent for another. ...
Direct line of descent as from father to son. An example of a lineal hereditament would be passing of the title of real property by virtue of a will to the first-born son. ...
An individual for whom a court has awarded a financial judgment against a debtor. For example, a court award makes Smith a judgment creditor against Cole for $2,000. ...
Methods of materials used in designing and fabricating a building. ...
(1) Mildly convex arch built into a load bearing beam, girder, or truss to counteract any load bearing stress placed on it. (2) Slight slope designed into a structure such as a drive4way or ...
Situation in which a person guilty of breaking a contract is required by the judge to fulfill his duties. Specific performance is required only if the item or subject of the contract is ...
The geographic moving of an individual from one region to another usually because of a change in employment. Relocation normally involves the complete moving of the individual's ...
Accelerated method in which a fixed percentage factor of two times the straight-line rate is multiplied each year by the declining balance of the fixed assets book value. ...
Possession and use of a property estate by virtue of a lease. There are four types of leasehold estates: estate for years, periodic tenancy, tenancy at will, and tenant at sufferance. ...
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