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
Buyer agrees to accept the responsibility for the existing mortgage. The seller is not relieved of the obligation unless the lender agrees to release it. Many lenders charge points and ...
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(1) Giving up an ownership claim to property. (2) Renunciation of a claim to real property. ...
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Cancellation of a contract such as when a real estate agreement is deemed illegal. ...
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