Section 1034
Definition of "Section 1034"
Provision in the Internal Revenue Code applicable to the sale of an individual's house. The gain or loss is deferred by adjusting the cost basis of a new house bought within two years of the date of sale of the old house. The replacement cost for the new house must be equal to or greater than the net selling price of the old house. the net selling price equals the gross selling price less expenses associated with the sale such as brokerage fees." section 1221
Popular Real Estate Terms
An insurance company or underwriter. An insurance policy is a legal instrument assuming the risk of loss for stated perils to real property in exchange for insurance premiums paid. ...
Map which documents the area, perimeter location, dimensions, and other data relating to land for purposes of assessing annual real estate taxes. ...
To define access rights, we must understand the need for access rights. There are several reasons for using access rights for any property; some are necessary and granted with little to no ...
Type of mortgage, which is not based on a constant interest rate. ...
The term’s balance sheet definition can be described as a financial statement that a company uses to report its liabilities, assets, and shareholders’ equity at a given time. A ...
In a principal gent transaction or contract where a third party knows the name of the principal the agent represents. This is a typical setting in real estate situations. In this ...
Property taken over by the government because the owner has failed to pay taxes on it. The property may revert back to the owner when the taxes are paid. If not, the government may sell the ...
Percentage of rental property that is unoccupied. For example, a vacancy rate of 25% means that 25% of the rental unites are nor being used. Idle space can cause a significant cash drain ...
Grades have various definitions related to real estate and surveying land. Let’s have a look at the most common meanings of grades you’ll encounter in everyday life! Grades ...
Have a question or comment?
We're here to help.