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Wednesday, February 27, 2013

1250 vs 1245 vs 1231 Property Classifications for US Tax Code

Imagine drawing a house like you would have when you were 5 or 6 years old.
  • The highest part is the roof - the building - highest number = 1250.
  • Under that is the stuff in the building - FF&E next lowest number = 1245.
  • The lowest part is the land it all sits on - lowest number = 1231.