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
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A situation that occurs when borrowed funds cost more than they produce. ...
Intermediate debt (5 to 10 years) without periodic payments but the entire amount (balloon payment) is due at the maturity date. If full payment is not made, the lender may foreclose on the ...
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Action that is beyond that allowed legally. Examples are charging illegally high interest rate on mortgages and real estate exceeding the amount permissible by legal statute, and a real ...
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Modification in the amount of money involved for some justifiable reason. ...
Real estate broker specializing in the listing and selling of commercial property. This property can include apartments, businesses, hotels, industrial, retail or wholesale uses. ...
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