What is the classification for lumber and concrete left at a site awaiting use?

The classification of lumber and concrete left at a site awaiting use is considered personal property because these items are not permanently affixed to the land or a structure. Personal property includes movable items that are not tied to the real estate, distinguishing it from real property, which is defined as land and anything permanently attached to it, such as buildings and fixtures.

In the context of real estate, the distinction between real property and personal property is crucial. Lumber and concrete, while they may be intended for construction, do not become part of the real property until they are actually used and affixed in place. Therefore, until that point, they are viewed as personal property.

Fixed assets typically refer to property that is used in a business and is not intended for resale, encompassing items that are often classified as real property or improvements to real property. Immovable property typically refers to land and buildings that cannot be moved. The key factor here is the intended use and attachment of the materials, which confirms their classification as personal property while they await installation.