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
Metal or wood channel attached immediately below or along the eaves of a building for the purpose of channeling rainwater away from the structure. The gutter prevents rain runoff from ...
Form of financing that replaces or "takes-out" a construction loan to a developer. The take-out loan is a permanent mortgage loan which replaces the construction loan when, commonly, the ...
Oral or written contract that is not enforceable by the judicial system. Examples are contracts with minors, fraudulent agreements and contracts that exceed the statute of limitations. ...
Same as term industrial park: Usually a fairly large site zoned and planned for the purpose of industrial development and located outside the main residential area of a city. Industrial ...
Creates a lien against the mortgagor's property, but does not permit a lien against his or her personal assets. See also non recourse. ...
The term action in personam is used mostly in legal proceedings because Roman law heavily influenced our judicial system. Many terms used in law have their roots in Roman law, not only this ...
Total transfer of one's rights under a real estate contract to another. ...
Third party to a bankruptcy proceeding. The trustee's responsibility is to value and recapitalize the real estate firm if it is to be reorganized. ...
Property interest a person has that is presently possessed by another. Upon the termination of the possession, the property reverts to the grantor. ...
Have a question or comment?
We're here to help.