Land

Filed Under » ,
Dictionary Says

Definition of 'Land'

Property or real estate, not including buildings or equipment, that does not occur naturally. Depending on the title, land ownership may also give the holder the rights to all natural resources on the land. These may include water, plants, human and animal life, fossils, soil, minerals, electromagnetic features, geographical location, and geophysical occurrences.
 
Investopedia Says

Investopedia explains 'Land'

In the traditional school of economics, land is considered a factor of production, along with labor and capital.

Selling land results in a capital gain or loss. As opposed to almost any other asset, land is not a depreciable asset under IRS tax laws. Land ownership does not contain or include any permissions to develop the property, as opposed to a 'plot', which is a real property that is slated for development.

Related Definitions

  •

    Land Contract

    An agreement between a buyer and seller of property in which the buyer makes payments toward full ownership (as with a mortgage), but in a land contract, the title or deed is held by the ...
    Read More »

  • Landlord

    A real estate owner who rents or leases land or a building to another party, known as a tenant. The landlord will often provide the necessary maintenance or repairs during the rental ...
    Read More »

  • Depreciation

    1. A method of allocating the cost of a tangible asset over its useful life. Businesses depreciate long-term assets for both tax and accounting purposes. 2. A decrease in an asset’s ...
    Read More »

    • Reassessment

      The process of redetermining the value of a parcel of real estate for property tax purposes. A reassessment is done to determine the property tax bills. Property bills are based on both ...
      Read More »

    • Emblements

      Annual crops cultivated by a tenant which are treated as the tenant's property rather than the landowner's. If a tenant loses possession of the land, he or she is still entitled to ...
      Read More »

    • Capital Asset

      A type of asset that is not easily sold in the regular course of a business's operations for cash and is generally owned for its role in contributing to the business's ability to ...
      Read More »

    • Like-Kind Property

      Any two assets or properties that are considered to be the same type, making an exchange between them tax free. To qualify as like kind, two assets must be of the same type (e.g. two ...
      Read More »

    • Factors Of Production

      An economic term to describe the inputs that are used in the production of goods or services in the attempt to make an economic profit. The factors of production include land, labor, ...
      Read More »

    • Deed

      A legal document that grants the bearer a right or privilege, provided that he or she meets a number of conditions. In order to receive the privilege - usually ownership, the bearer must ...
      Read More »

    • Landominium

      A type of residential property in which the owner owns both the home and the land on which the home is built. The home is a part of a community, like a condominium, where the ...
      Read More »

Articles Of Interest

Sponsored links
Hot Definitions
Partner Links
Suggested Definitions