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9 Results for Tag: deduct

Above The Line Deduction

DefinitionIn the United States tax law, an above-the-line deduction is a deduction that the Internal Revenue Service allows a taxpayer to subtract from his or her gross income in arriving at

Charitable Contributions Deduction

Charitable Contributions Deduction Charitable contributions deduction is a tax incentive offered to individuals that donate sums to a recognized charity. The tax deduction allows taxpayers t

Passive Activity Loss Rules

Passive Activity Loss Rules What is 'Passive Activity Loss Rules' A set of rules that prohibits using passive losses to offset earned or ordinary income. Passive activity loss rules preven

Qualified Production Activities Income (QPAI)

Qualified Production Activities Income (QPAI) What is 'Qualified Production Activities Income - QPAI' Income derived from domestic production that qualifies for reduced taxation. More spe

Qualified Mortgage Insurance Premium

Home Ownership by Country Qualified Mortgage Insurance Premium What is 'Qualified Mortgage Insurance Premium' Premium paid by homeowners on mortgage insurance for FHA loans that can be ded

Qualified Higher Education Expense

Qualified Higher Education Expense What is 'Qualified Higher Education Expense' Expenses such as tuition and tuition related expenses that an individual, spouse, or child must pay to an el

Tax Deduction

DefinitionTax deduction is a reduction of income that is able to be taxed and is commonly a result of expenses, particularly those incurred to produce additional income. The difference betwe

Job Hunting Expenses

Job Hunting Expenses What is 'Job Hunting Expenses' Costs that individuals may be allowed to deduct on their federal tax returns to reduce their total taxable income. Job hunting expenses,

Gambling Loss

Gambling Loss What is 'Gambling Loss' A loss resulting from games of chance or wagers on events with uncertain outcomes (gambling). These losses can only be claimed against gambling income