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
Drilled well where water rises through the opening because of naturally occurring water pressure. ...
You can frequently encounter “circa” in everyday discourse, referring to an approximation as an approximate date. Variations of circa are: about, near, and roughly. The ...
Market condition in which sellers exceed buyers, thereby causing prices to fall. In real estate, declining markets may result from unfavorable business conditions and high interest rates. ...
Roof with one side that is at a sloped angle. ...
Written acknowledgment by an individual holding title to property that it is being held in trust for another. ...
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Persons considered legally capable of entering into a binding contract. ...
The act or process of decreasing in size. The total amount of decrease. ...
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