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 proposal to buy property at a specified price. The seller of the property has the options of accepting the offer, rejecting it, or making a counteroffer. For example, John signs a listing ...
Credential awarded by the International Association of Assessing Officers to appraisers of real property working for a government body. ...
Increasing tax rates with increasing levels of taxable income. ...
Linkage of property ownership that connects the present owner to the original source of title. ...
Business that transforms an underdeveloped tract of land into plots ready for construction. ...
Document issued by a public or private institution to perform some activity according to legal requirements. There is usually a license fee. An example is a real estate license. ...
Statement filed with a governmental authority declaring property a homestead for the purposes of securing a homestead exemption. The declaration of homestead has no effect on the property ...
Amount still unpaid at a particular date on a loan or other financing agreement. ...
Not attached to any parcel of land but merely a personal right to use the land of another. ...
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