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
Solar heating using architectural design characteristics and building materials rather than an active solar heating design. For example, heavy insulation with several large windows facing ...
See effective tax rate. ...
Want to know what Net Listing means? Well, Net Listings are a type of listing where the home seller sets a minimum price he/she is willing to sell the property for and whatever amount above ...
Angle from north or south of a property. When a real estate appraiser does surveying, it is looked at clockwise from north. It may assist in determining the form or boundaries of land. ...
Failure or refusal to perform a specified action. The failure to fulfill contractually agreed upon terms or actions. Nonperformance creates a liability which can enable a judicial damage ...
Individual or business to which all rights (usually intangile) to property have been transferred. ...
A step's edge. ...
One of the things that humanity aspires to is open spaces and outdoor recreation opportunities, a place where families can enjoy natural beauty in its most raw form. The open space ...
Writ issued by the court requiring a person to appear as a witness or to provide written information in the case. A contempt of court citation may occur for failure to observe the subpoena. ...
Have a question or comment?
We're here to help.