Deductible

interest

interest [probably alteration of earlier interesse, from Anglo-French, from Medieval Latin, from Latin, to be between, make a difference, concern, from inter- between, among + esse to be] 1 : a right, title, claim, or share in property Article Nine security interest : security interest in this entry beneficial interest : the right to the use and benefit of property [a beneficial interest in the trust] contingent interest : a future interest whose vesting is dependent upon the occurrence or nonoccurrence of a future event compare vested interest in this entry controlling interest : sufficient stock ownership in a corporation to exert control over policy equitable interest : an interest (as a beneficial interest) that is held by virtue of equitable title or that may be claimed on the ground of equitable relief [claimed an equitable interest in the debtor's assets] executory interest : a future interest other than a remainder or reversion that may take effect upon the divesting...

IRA

IRA [individual retirement account] : an account in which a person may deposit up to a stipulated amount each year and that is not taxable until retirement or early withdrawal NOTE: Deposits to an IRA may not be completely or partially deductible from adjusted gross income if one's income exceeds a set level. ...

loss

loss 1 : physical, emotional, or esp. economic harm or damage sustained: as a : decrease in value, capital, or amount compare gain b : an amount by which the cost of something (as goods or services) exceeds the selling price compare profit c : something unintentionally destroyed or placed beyond recovery d : the amount of an insured's financial detriment due to the occurrence of a stipulated event (as death, injury, destruction, or damage) in such a manner as to create liability in the insurer under the terms of the policy NOTE: As a general rule, economic losses are deductible from adjusted gross income under section 165 of the Internal Revenue Code. There are, however, numerous exceptions and limitations. actual loss : the identifiable and calculable monetary detriment that is suffered or will be suffered as a result of an act or event actual total loss : a loss in marine insurance in which the property (as a vessel or cargo) cannot be repaired or recovered compare constru...

capital expenditure

capital expenditure : an amount paid out that creates a long-term benefit (as one lasting beyond the taxable year) ;esp : costs that are incurred in the acquisition or improvement of property (as capital assets) or that are otherwise chargeable to a capital account NOTE: Capital expenditures are not deductible for income tax purposes. They are generally added to the property's basis. ...

real estate property tax deduction

real estate property tax deduction a tax deductible expense reducing a taxpayer's taxable income. Source: U.S. Department of Housing and Urban Development ...

Net wealth tax

Net wealth tax, readings on Taxation in Developing, Countries by Fird and Oldman elucidates the concept of Wealth Tax as follows, at page 281: 'The term 'net wealth tax' is therefore deemed to be imposed on the person of the taxpayer, while the property tax often deemed to be imposed on an object - the property itself.' In Harvard Law School World Tax Series - Taxation in Columbia Net Wealth Tax is defined at page 451 thus: 'As a general rule, all debts owed by a tax-payers, whether to residents or to non-residents, are deductible if their existence is established in conformity with the legal requirements. The usual test of deductibility, as applied by the Division of National Taxes, is whether or not there is an actual, enforceable legal obligation the amount of which is fixed or computable as on December 31, of the tax year.' According to Harvard Law School World Tax Series - Taxation in Sweden - this tax has been levied in Sweden since a long time. Now it is regulated by law enacted...

Capable of being deducted taken away or withdrawn...

nondeductible

not allowable as a tax deduction as political contributions are nondeductible Opposite of deductible...

wash sale

wash sale [probably from the comparison of such a sale to the act of washing, which does not affect the nature of the thing washed] : a sale and purchase of securities that produces no change of the beneficial owner ;specif : a sale of securities within 30 days before or after the purchase of substantially identical securities NOTE: Any loss from such a sale is not deductible for most taxpayers under the Internal Revenue Code. ...

Administration expense

Administration expense, means necessary expenditure made by an administrator in managing and distributing an estate. These expenses are deductible even if not actually incurred by the time return is filed, Black Law Dictionary, 7th Edn., p. 45....

Deductible - Law Dictionary Search Results