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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...
Tax Glossary
What Is “Tax lot”?
A tax lot is a specific record of an investment purchase that includes the date, quantity, and price paid. When...
Tax Glossary
What Is “Tax Income”?
Tax income, more formally known as taxable income, is the portion of your total earnings that the government is actually...
Tax Glossary
What Is “Tax basis”?
Tax basis is the measurement of your total investment in a piece of property for tax purposes. It is the...
Tax Glossary
What Is “SUTA tax”?
SUTA tax stands for the State Unemployment Tax Act. It is a payroll tax that employers must pay to their...