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Tax Glossary
What Is “Carryover basis”?
Carryover basis is a tax rule where the original cost of an asset is transferred from the person giving the...
Tax Glossary
What Is “Capital gain”?
A capital gain is the profit you earn when you sell an asset for more than its “basis,” which is...
Tax Glossary
What Is “Capital Contribution”?
A capital contribution is the cash or assets an owner or investor puts into a business to help it operate...
Tax Glossary
What Is “Capital asset”?
A capital asset is nearly everything you own and use for personal purposes, pleasure, or investment. When you sell a...
Tax Glossary
What Is “Business use of home”?
“Business use of home” is a tax concept that allows you to deduct expenses related to a specific part of...
Tax Glossary
What Is “Business use of car”?
Business use of a car refers to using a vehicle for work-related tasks, such as visiting clients, picking up supplies,...
Tax Glossary
What Is “Book-Tax Difference”?
A book-tax difference is the gap between the net income reported on a company’s financial statements (its “books”) and the...
Tax Glossary
What Is “Brokerage statement”?
A brokerage statement is a periodic document provided by a financial institution that summarizes the activity, holdings, and market value...
Tax Glossary
What Is “Book Income”?
Book income is the net profit a business reports on its own financial statements or “books” according to standard accounting...
Tax Glossary
What Is “Assets”?
Assets are resources or items of value owned by an individual or a business that are expected to provide a...