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
Rate of return of capital invested in building improvements. Is segregated from land investments and provides a method of separating property income streams between improvement and land ...
The term adverse possession is a legal principle that allows a person who resides on another person’s land or possesses another person’s land to get a title for that land. There ...
The use of borrower funds by people or business to increase the return on an investment. Examples are a mortgage to purchase real estate and buying real estate stock on margin. ...
An individual legally fit and able to undertake an activity or function. ...
In real estate, the basis to set an adjustable rate mortgage, such as a 6-month certificate of deposit (CD) rate, cost of funds index, or prime rate. A statistical measure stated as ...
Contract that intends to convey property form one individual to another but is defective in one respect. ...
Mortgage loan where for a slight increase in the monthly payment, the loan can be paid off in only 15 years, The overall savings in interest paid to the lender over the life of the 15-year ...
A type of real estate investment trust (REIT) that does not own property but gives short-term financing for construction loans or for permanent mortgage loans for major projects. ...
Amount invested in property in cash. ...
Have a question or comment?
We're here to help.