Tag: DE
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Deferred Gain on the Sale of Your Home
Description and Definition of Deferred Gain on the Sale of Your Home Prior to May 7, 1997, if you sold your personal residence for a profit you could defer paying income tax on the gain if the next house you bought was more expensive than the one you sold. The law changed in 1997. With…
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Dependency Exemption
About Dependency Exemption: Amount that taxpayers can claim for a "qualifying child" or "qualifying relative". Each exemption reduces the income subject to tax. The exemption amount is a set amount that changes from year to year. One exemption is allowed for each qualifying […]
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Deduction
Deduction means: an amount allowed to taxpayers under the Internal Revenue Code as an offset against gross income or Adjusted Gross Income. See also other Tax Terms and Definitions in U.S.A. itemized deductions; standard deduction. Either the standard deduction or the itemized deduction is […]
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Decedent
Decedent means:a person who has died. Description and Definition of Decedent A person who has died. Resources See Also Further Reading Decedent in the West's Tax Law Dictionary Decedent in "A Dictionary of Taxation"
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Deductible Health Plan
High Deductible Health Plan Issue You may find information about High Deductible Health Plan in this Tax Platform of the American Encyclopedia of Law.
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Depreciation
Depreciation means: an accounting technique in which the cost of an asset is allocated over its useful life. A deduction to reflect the gradual loss of value of business property as it wears out. Former IRC (check if this IRC provision is current here) §167. See Accelerated Cost Recovery […]
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Dependent Care Credit
Description and Definition of Child and Dependent Care Credit A tax credit of up to 30% based on certain care expenses you paid for the care of your children or other dependents to allow you to work. The credit can save as much as $720 off your tax bill if you pay for the care…
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Depreciation Recapture
Depreciation Recapture is used. when personal property is sold at a gain, the gain is ordinary income to the extent of depreciation previously deducted; when real property is sold at a gain and accelerated depreciation has been claimed, the taxpayer may be required to pay a tax at the ordinary […]
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Decedent’s Estates
Decedent’s Estates Income Taxation of Decedent’s Estates A decedent’s estate is a separate legal entity for federal tax purposes. A decedent’s estates comes into existence at the time of death of an individual. A decedent’s estate figures its gross income in much the same manner as an individual. Most deductions and credits allowed to individuals…
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Delegation Orders
Delegation Orders Delegation Orders are orders by the Commissioner of the IRS to delegate his/her authority to settle civil or criminal tax cases under I.R.C. §7122 to subordinates. See Rev. Proc. 80-6, 1980-1 C.B. 586. Some Delegation Orders 1. Delegation Order No. 156 (Rev. 12) Internal Revenue Service 1990-2 C.B. 327 Delegation Order No. 156…