Over Age 55 Home Sale Exemption
Definition of "Over age 55 home sale exemption"
The Internal Revenue Code (IRC Sections 1034 and 121) providing that a person over age 55 can sell a principal residence at a gain and exclude once in a life time up to $125,000 of the gain for taxes. It is allowed irrespective of the purchase of another home. The person must have used the property as a principal residence for 3 of the last 5 years.
Popular Real Estate Terms
A roof forming a triangle from the eaves to the ridge of the roof. ...
Loss of property from nonfulfillment of some duty or condition. In some cases, forfeiture is required by a court order, whereas in other cases the nonfulfillment of a contractual debt is ...
Contract containing provisions of the insurance policy specifying who the parties are, what amounts and due dates, deductibles, time period, ceilings, kind of property., location of ...
Involves monthly payments for property taxes and insurance, besides principal and interest. The tax and insurance payments are put into an impound account. For a residential mortgage this ...
For real estate investors, the vacancy and credit loss is a way to determine a property’s potential for profit. This value is determined by subtracting the losses brought by vacant ...
Exposure can have various meanings in real estate and insurance, depending on the context. Let’s have a thorough look at these scenarios! Exposure as property’s ...
Listing of property that is open, meaning there is no one real estate agent who has the sole right to sell the property. ...
Typically, a general contractor or GC in the real estate industry defines a person who signs a contract with a property owner or developer. Thus, they assume full responsibility for ...
Expenditure to make a specific security or real estate transaction. Real estate transaction costs include survey costs, mortgage points and origination fees, recording fees, state transfer ...
Have a question or comment?
We're here to help.