Section 1231
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.
Popular Real Estate Terms
Reduction of part of the balance of property by charging an expense or loss account. The reason for a write-down is that some economic event has occurred indicating that the asset's value ...
An interior wall dividing an area into two or more rooms or separate areas. The division of real estate between owners giving each an undivided interest. ...
Misuse, alteration, destruction, or neglect of land by an individual right-fully in possession that breeds a significant and permanent reduction of its value to the legal interest owned by ...
Expected period of benefit used to depreciate business property, plant, and equipment. The guidelines may be developed by the industry or Internal Revenue Service (IRS). ...
Window having several overlapping glass louvers that are installed in a common window frame and pivot synchronously as a window lever or crank operating device, installed at the bottom of ...
A will where the decedent's nomination of an executor/executrix is flawed, requiring an administrator to be appointed by the court and annexed to the will. ...
An increase in the price or market value of real estate. ...
Money raised by a syndicate promoter and placed into a fund prior to selecting the specific property in which funds will be invested. ...
Prevalent type of property taxes assessed on real estate. It is usually collected by the local government and distributed among agencies to finance services. ...
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