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Tax Glossary
What Is “Repairs vs. improvements”?
The difference between “repairs vs. improvements” is a crucial tax concept that determines how quickly you can deduct the money...
Tax Glossary
What Is “Rental expense”?
A rental expense is a cost incurred to manage, maintain, or operate a rental property, or a cost a business...
Tax Glossary
What Is “Advance rent”?
Advance rent is any payment a landlord receives from a tenant for a future rental period before that specific rent...
Tax Glossary
What Is “Security deposit”?
A security deposit is a sum of money paid by a tenant to a landlord before moving into a rental...
Tax Glossary
What Is “Worthless security”?
A worthless security is an investment, such as a stock, bond, or option, that has lost all its value and...
Tax Glossary
What Is a “Wash sale”?
A wash sale occurs when you sell a security (like a stock or bond) at a loss and then buy...
Tax Glossary
What Is “Wash sale rule”?
The wash sale rule is an IRS regulation that prevents taxpayers from claiming a tax deduction for a loss on...
Tax Glossary
What Is “Unrecaptured Section 1250 gain”?
Unrecaptured Section 1250 gain is the portion of a profit from the sale of depreciable real estate (like a rental...
Tax Glossary
What Is “Unrealized gain”?
An unrealized gain is an increase in the value of an asset, such as a stock or a piece of...
Tax Glossary
What Is “Tip reporting”?
Tip reporting is the process where employees notify their employers of the total gratuities they receive from customers. This ensures...