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
The quality of life enjoyed by a person depending on factors such as spendable income, housing conditions, health and education. ...
Approach to valuing property based on its replacement cost. The cost of each major element of the property per square foot is added together and multiplied by the total space to estimate ...
Land development planning model theorizing that an urban area grows in rings expanding out from the central business district. The second ring is a shifting area having manufacturing and ...
Street having access only at one end and terminating with a circular turnaround area. The circular area permits automobiles to exit the street without having to use a home's driveway to ...
Residence units owned by the government and available to low income families at a nominal cost. ...
Circumstance where no people or contents occupy or are kept in a building for at least 60 consecutive days. The same stipulations apply to property coverages as found in unoccupancy. ...
Written statement of the lender that the buyer of real estate has paid-off the entire mortgage. ...
Founded in 1857 and located in Washington, DC, with over 54,000 members, throughout the United States, the AIA has 301 local groups in all 50 states. ...
Document between two or more parties indicating a need to take or not take a previous action taking place. For example, a bank may commit to make a loan dependent on a satisfactory credit ...
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