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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...
Tax Glossary
What Is “Tip income”?
Tip income refers to the money, gifts, or valuables given to workers by customers as a reward for providing a...
Tax Glossary
What Is “Temporary Difference”?
A temporary difference is a timing gap between when an item of income or expense is recorded in your financial...