Save
Busy. Please wait.
Log in with Clever
or

show password
Forgot Password?

Don't have an account?  Sign up 
Sign up using Clever
or

Username is available taken
show password


Make sure to remember your password. If you forget it there is no way for StudyStack to send you a reset link. You would need to create a new account.
Your email address is only used to allow you to reset your password. See our Privacy Policy and Terms of Service.


Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.
focusNode
Didn't know it?
click below
 
Knew it?
click below
Don't Know
Remaining cards (0)
Know
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

  Normal Size     Small Size show me how

chapter 19

Federal income taxation of real property ownership

QuestionAnswer
adjusted basis cost of any physical capital improvements that add value to the property or prolong its life (added to the cost basis)
basis determines the amount of the gain realized from a sale of real property
boot money or property given to make up any difference in value or equity between two properties in a 1031 exchange
capital gain the taxable profit earned from the sale of real property
capital loss a loss derived from the sale of real property that may be deductible from ordinary taxable income.
cost basis the owner's initial cost for the real estate including closing expenses
depreciation a loss of value in property due to any cause; an expense deduction for tax purposes taken over the period of ownership of income property
installment sale A transaction in which the sales price is paid in two or more installments over two or more years. If the sale meets certain requirements, a taxpayer need only pay on funds received that year.
like-kind properties a tax term used in exchanges; property may be exchanged for life in kind property and the tax postponed (does not refer to the physical similarity of the properties).
long-term capital gain profits from assets owned longer than 12 months; taxed at a lower rate than ordinary income
short-term capital gain profits from assets owned for 12 months or less
tax-deferred exchange an IRS sanctioned method for real estate investors to defer taxation of capital gains by making a property exchange rather than by selling the investment property
Created by: whitwill
Popular Real Estate sets

 

 



Voices

Use these flashcards to help memorize information. Look at the large card and try to recall what is on the other side. Then click the card to flip it. If you knew the answer, click the green Know box. Otherwise, click the red Don't know box.

When you've placed seven or more cards in the Don't know box, click "retry" to try those cards again.

If you've accidentally put the card in the wrong box, just click on the card to take it out of the box.

You can also use your keyboard to move the cards as follows:

If you are logged in to your account, this website will remember which cards you know and don't know so that they are in the same box the next time you log in.

When you need a break, try one of the other activities listed below the flashcards like Matching, Snowman, or Hungry Bug. Although it may feel like you're playing a game, your brain is still making more connections with the information to help you out.

To see how well you know the information, try the Quiz or Test activity.

Pass complete!
"Know" box contains:
Time elapsed:
Retries:
restart all cards