Like-kind Property
Property that is similar in characteristic and when exchanged is a nontaxable transaction. Any property that is not like-king, such as cash (boot), is taxed. As a result, a gain is not recognized for tax purposes until the property received is later sold.
Popular Real Estate Terms
Significant action and duties performed by an individual in a real estate activity. An example is a partner in a real estate venture that makes key decisions and performs a lot of work. ...
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. ...
Property that is similar in characteristic and when exchanged is a nontaxable transaction. Any property that is not like-king, such as cash (boot), is taxed. As a result, a gain is not ...
The term ad valorem comes from Latin, and its literal translation is “according to value”, which makes the ad valorem tax definition easy to understand. Defining ad valorem tax ...
Recognizes profit on a long-term construction contract as it is earned gradually during the construction period. This approach is preferred over the completed contract method because it ...
Cement or mortar with a high moisture content developing it into a slurry solution allowing the ability to be poured or pumped into crevices, fissures, and masonry cracks and joints. ...
Many homebuyers or real estate investors only think of mortgages when it comes to financial aid in real estate purchasing. Lately, with the increasing desire of homebuyers to not be ...
Appreciation, or property appreciation in real estate is the increase in the value of a property or asset over time. This increase in value can be due to a number of factors; inflation, ...
A gift by will of real property. Absolute legasy: An unconditional and immediate gift. Conditional legasy: The bequest of a gift depends on the occurrence of something happening. For ...
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