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
A triangular shaped end of a building where a double sloped roof meets at the top of the triangle. A gable begins at the eaves of a roof and terminates at the roof ridge. ...
Early American style 1 story house with a steep gable roof covered with shingles. The bedrooms are on the first floor, but the attic is often finished and made into additional bedrooms. ...
Local geographic area with similar characteristics. It may be referred to by name (e.g., Brooklyn Heights, Palisades) and have designated boundaries. There are major streets such as for a ...
Removal of a tenant from a portion of a rented or leased premise. ...
Person who leases rented premises from the initial lessee. The sublease is for a time not exceeding the original lease period. ...
(1) Financial ability and soundness of a business or individual to afford the purchase of property. (2) Worth of the dollar in real terms considering inflation. ...
House design to be easily expandable. ...
The float has several meanings in the financial world and the real estate terminology. Typically, the float refers to the number of funds, represented by checks, that an institution or an ...
Defendants legal objection to the prima facie sufficiency of a judicial pleading. It is a motion to dismiss an action on the ground there is no apparent equity violation, the court has no ...
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