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
Certification granted by the Realtors National Marketing Institute, which is affiliated with the National Association of Realtors. ...
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Power of attorney giving permission for a lawyer to represent a client. ...
Transfer of title based on a preceding title transfer of conveyance. A derivative conveyance increases, ratifies, moderates, renews or transfers the stake created by the original ...
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