Tag: taxes
Qualified Personal Residence Trust (QPRT )
What is 'Qualified Personal Residence Trust – QPRT ' A specific type of trust that allows its creator to remove a personal...
Qualified Terminable Interest Property (QTIP) Trust
What is a Qualified Terminable Interest Property (QTIP)?
A Qualified Terminable Interest Property, or QTIP, is a type of trust that provides income to a...
Qualifying Relative
What is 'Qualifying Relative'
A federal income tax designation that allows a taxpayer to claim as a dependent someone for whom he or she provided...
Value Added
What is 'Value Added' Value-added describes the enhancement a company gives its product or service before offering the product to customers. Value-added...
Value-Added Tax (VAT)
What is a 'Value-Added Tax - VAT' A value-added tax (VAT) is a type of consumption tax that is placed on a...
Fiat Money
DefinitionFiat money is a currency without intrinsic value that has been established as money, often by government regulation. Fiat money does not have use...
Family Limited Partnership (FLP)
What is 'Family Limited Partnership - FLP' A type of partnership designed to centralize family business or investment accounts. FLPs pool together...
Wasting Trust
What is 'Wasting Trust' A trust that holds plan assets when a qualified plan is frozen. A "wasting trust" derives its name...
Wash Sale
DefinitionA wash sale is a sale of a security at a loss and repurchase of the same or substantially identical security shortly before or...
Garnishment
DefinitionGarnishment is an American legal process for collecting a monetary judgment on behalf of a plaintiff from a defendant. Garnishment allows the plaintiff to...