Asked in Investing and Financial MarketsDeeds and OwnershipBuildingsPaula Deen
Investing and Financial Markets
Deeds and Ownership
How do iadd to the fmv of a vacant piece of property without building a house?
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What has to happen to make personal property real property?
Real property is land and anything attached to it that cannot be severed without injury to the land such as homes, garages and other buildings. Personal property is any movable or intangible thing that is subject to ownership and is not considered real property. Building materials stored on a building lot would be personal property. Once the house is built it becomes part of the real property. Fixtures in a building sit on the line between real and personal property. You can read more about that distinction at the link below.
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