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
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Document submitted to a governmental agency to extend the time period for a previously approved document. ...
Fluctuation in sales, profits, rat of return, etc. Likelihood of declining value. ...
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Cancellation of a contract such as when a real estate agreement is deemed illegal. ...
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Lender's written assurance that the borrower has fully paid the obligation. The borrower may then show this instrument to interested parties. ...
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