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
Absence of a personal liability such as when a creditor may seize an office building used as security for the obligation but cannot attach any other assets of the debtor. ...
Heated structure needed to raise fowl. ...
A roof having two slopes on each side. The second slope is longer than the first part of the roof and extremely steep. ...
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Room containing a toilet and wash basin, but does not include a shower or bath tub. ...
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A written, legally enforceable document used to transfer title to real estate, See also quit claim deed; warranty deed. ...
Amount of money that must be charged or invested in the initial stage of a business transaction to demonstrate good faith as well as to help offset some expenses. For example, the customary ...
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