Real Estate

Real Estate

Real Estate means:
land and everything more or less attached to it; ownership below to the center of the earth (mineral rights) and above to the heavens (air rights); same as realty. Real estate or real property includes, but is not limited to:

• a personal residence owned in fee simple.

• a life estate to a farm.

• rights to use land under a lease.

• easements and other partial interests Generally, real property used in a trade or business is not a capital asset, though gains may be taxed as capital assets under Section 1231, except for depreciation recapture, taxed as ordinary income under Section 1250. For the purposes of taxation, real property includes the land, all buildings, structures, improvements, or other fixtures on it, and the right to occupy the real estate, sell it, lease it, enter it, give it away, or borrow against it. Losses on business real estate may be treated as ordinary losses. The depreciable.

life for commercial real estate acquired in 1993 and thereafter is 39 years.

A principal residence is not depreciable and is a capital asset.

U.S. and other Developed Countries International Tax Meaning

Land and everything more or less attached to it. Also referred to as “Realty”.

See Depreciation in the United States Encyclopedia of Law and Depreciation in the World Encyclopedia of Law.

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