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Tax Glossary
What Is “Guaranteed payment”?
A guaranteed payment is a set amount of money paid by a partnership to a partner for their services or...
Tax Glossary
What Is “Partner’s distributive share”?
A partner’s distributive share is the specific portion of a partnership’s income, losses, deductions, or tax credits that is allocated...
Tax Glossary
What Is “Form 1065”?
Form 1065 is the official IRS tax document used to report the financial performance of a business operated as a...
Tax Glossary
What Is “Partnership tax return”?
A partnership tax return is an informational tax document filed with the IRS to report the income, deductions, gains, and...
Tax Glossary
What Is “Cancellation of debt on home”?
Cancellation of debt on a home happens when a mortgage lender legally forgives a portion or all of your home...
Tax Glossary
What Is “Mortgage debt forgiveness”?
Mortgage debt forgiveness happens when a lender legally relieves you of the obligation to pay back a portion or all...
Tax Glossary
What Is “Short sale tax consequences”?
Short sale tax consequences refer to the potential tax liabilities you face when you sell a property for less than...
Tax Glossary
What Is “Foreclosure tax consequences”?
Foreclosure tax consequences refer to the potential tax bills you might face when a lender takes back your property due...
Tax Glossary
What Is “Opportunity zone”?
An Opportunity zone (often referred to as a Qualified Opportunity Zone or QOZ) is a specific, government-designated community where new...
Tax Glossary
What Is “Qualified opportunity fund”?
A Qualified opportunity fund (often called a QOF) is a special investment vehicle created to encourage financial investment in economically...