What does real property mean on the CPA exam?
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Real property. Land and anything permanently attached to it, such as a building. Contrasted with personal property, which is everything else a person can own.
Other names for real property
real estate
Related terms
- rental real estate: Real property held to produce rent.
- capital asset: For tax, almost everything a taxpayer owns EXCEPT inventory, receivables, and depreciable or real property used in a trade or business.
- like-kind exchange: A swap of real property held for business or investment, where gain is deferred rather than recognized.
- qualified nonrecourse financing: Borrowing secured by real property from a commercial lender, where nobody is personally liable.