Section 1245
Definition of "Section 1245"
Provision of the Internal Revenue Code applying to gains from the sale of personal property subject to depreciation. In most cases, the gains are at the capital gains tax rate limited to the amount of accumulated depreciation taken.
Popular Real Estate Terms
Lease where, in addition to the rent, the lessee pays the taxes, insurance, and maintenance. As a guarantee for the lessor, the lessee posts a bond payment equivalent to one year's tax, ...
Sheet metal, often made of aluminum, used to cover a structure's open masonry or wood joints. The purpose of flashing is to prevent the penetration of water as well as to provide a drainage ...
Degree of completion or accomplishment such as a home that is 70% completed. Condition of real property. Position of an item. Legal standing such as of a case. ...
Generally, a nominee defines an individual or company whose name appears on securities or real estate. First and foremost, their purpose is to assist the progress of a particular ...
Property held by an individual, such as furniture. ...
Older property is bought usually by a governmental agency to be modernized and improved. In many cases, the deteriorating property is torn down and a new structure built. An example is ...
The term action in personam is used mostly in legal proceedings because Roman law heavily influenced our judicial system. Many terms used in law have their roots in Roman law, not only this ...
Governmental body that reviews property tax assessment procedures. ...
Notice of a pending suit; a public notice given to prospective purchasers and any one else considering an interest in property that the title is being legally challenged, and the outcome is ...
Have a question or comment?
We're here to help.