Tax

Tag: HO

  • Home sale profit

    About Home sale profit: Profit of up to $250,000 ($500,000 for married taxpayers filing jointly) is tax-free, if you owned and lived in the home for two of the five years leading up to the sale. This break can be used multiple times, but not more than once in any two year period. A surviving…

  • Household Workers

    Household Workers are. domestic workers -as a child-care provider, for example, or housekeeper or gardener- for whom federal income tax withholding was not required on payments made to them. Social Security taxes and Medicare taxes, however, must be paid on household workers whether or not the emplo…

  • Holding

    Holding means:a decision of a court….

  • Homestead

    Homestead means:a house and surrounding land owned and used as a dwelling. Under modern homestead exemption laws, enacted in most states, any property designated as a homestead is exempt from execution and sale by creditors in case of bankruptcy….

  • Home Equity Loan

    Home Equity Loan means:a loan by a bank or brokerage firm that allows a homeowner to borrow against the built-up equity in a home. Only the interest on a home equity loan up to $100,000 is deductible as an itemized deduction. See also other Tax Terms and Definitions in U.S.A. acquisition indebt…

  • Housing Allowance

    Housing Allowance means:an allowance for the expenses of providing and maintaining a home. If paid to clergy as part of their salary, a housing allowance is not taxable income to the extent that it is used to provide a home or pay utilities. The church or other employer organization must designa…

  • Home Mortgage Interest

    Home Mortgage Interest means:any interest paid on a loan secured by the taxpayer's personal residence (principal residence or second home). See also other Tax Terms and Definitions in U.S.A. interest deductions….

  • House Ways and Means Committee

    House Ways and Means Committee means:the committee of the House of Representatives that introduces most tax provisions….

  • Holiday Gifts

    The Holiday Gifts are. turkeys, hams, and other items of nominal value given to employees by an employer at Christmas or other holidays. Such gifts are not taxable income to the employees. See de minimis fringe benefits….

  • Holding Company

    Holding Company means:a business entity (like a corporation or company) organized for the purpose of owning stock in and managing one or more other corporations. Holding companies traditionally own many corporations in widely different business areas. See also brother-sister controlled group of …