Definition of "Section 1231"

Robert Anarumo real estate agent
Robert Anarumo, Real Estate Agent Florida Realty Marketplace

Section of the Internal Revenue Code applies to assets used in a trade or business,. In general, gains on section 1231 assets are taxed at capital gains rates, and losses are considered ordinary losses for tax purposes. Assets included under section 1231 are apartments, warehouses, hotels, and office buildings.

 

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