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Tax Glossary
What Is “Special depreciation allowance”?
What Is Special Depreciation Allowance? The special depreciation allowance, commonly known as bonus depreciation, is a tax incentive that allows...
Tax Glossary
What Is “Short-term rental”?
A short-term rental (STR) is a property—such as a house, condo, or even a spare room—that is rented out to...
Tax Glossary
What Is “Section 1033 Exchange”?
What Is a Section 1033 Exchange? A Section 1033 exchange is a tax provision that allows you to defer paying...
Tax Glossary
What Is “Section 1031 Exchange”?
What Is a Section 1031 Exchange? A Section 1031 exchange, named after its spot in the Internal Revenue Code, is...
Tax Glossary
What Is “Section 475 Election”?
What Is a Section 475 Election? A Section 475 election is a special tax choice made by active traders to...
Tax Glossary
What Is “Section 179 Deduction”?
What Is Section 179 Deduction? The Section 179 deduction is a tax rule that allows businesses to deduct the full...
Tax Glossary
What Is “Section 197 intangible”?
What Is a Section 197 Intangible? A Section 197 intangible is a type of non-physical business asset, such as a...
Tax Glossary
What Is “Section 83(b) Election”?
What Is a Section 83(b) Election? A Section 83(b) election is a letter you send to the IRS within 30...
Tax Glossary
What Is “Salvage value”?
What Is Salvage Value? Salvage value is the estimated dollar amount that an asset is expected to be worth at...
Tax Glossary
What Is “Sale of Business Property”?
What Is the Sale of Business Property? The sale of business property refers to the disposal of assets used in...