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
Some plausible, but not completely clear-cut indication of ownership rights. It supplements a claim to title to property, but does not actually establish it. ...
Lender's written statement and accounting for the remaining balance, date of maturity, and interest rate on a mortgage. The lender is certifying this information to the borrower or any ...
Any geographic taxing division where the legally chosen representatives are charged with the responsibility of assessing taxable property and collecting tax revenue. ...
Market price pf all the property prior to a condemnation proceeding. ...
Way of selling real estate in which a syndicator sells equity interests to investors. Examples include a real estate investment trust, limited partnership, and corporation. For example, a ...
Also called biannual; twice a year. An example is when lease payments are due January 1 and July 1. ...
Wood panels on a wall. ...
Angle from north or south of a property. When a real estate appraiser does surveying, it is looked at clockwise from north. It may assist in determining the form or boundaries of land. ...
What does inchoate refer to generally? The term inchoate is a formal word that can describe many things in various fields of life. An inchoate act defines something at an early stage, ...
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