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Tax Glossary
What Is “Depreciation recapture”?
Depreciation recapture is a tax process that allows the IRS to collect taxes on the financial gain a taxpayer realizes...
Tax Glossary
What Is the “Deduction for Half of Self-Employment Tax”?
The deduction for half of self-employment tax is an “above-the-line” tax adjustment that allows self-employed individuals to subtract 50% of...
Tax Glossary
What Is “Covered security”?
A covered security is an investment, such as a stock, bond, or mutual fund, for which your broker is legally...
Tax Glossary
What Is “Contractor tax form”?
A contractor tax form is a document used to report payments made to an individual or business that provided services...
Tax Glossary
What Is “Collectibles gain”?
A collectibles gain is the profit you make from selling a “collectible” item—such as art, rare coins, or precious metals—that...
Tax Glossary
What Is “Capital loss carryover”?
Capital loss carryover is a tax provision that allows you to move unused investment losses into future tax years. If...
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...