Tag: IM

  • Improvements

    Description and Definition of Improvements The expenses of permanently upgrading your property as compared to maintaining or repairing it. You add the cost of the improvements to the basis of the property instead of taking a deduction for the cost of the improvements in the year paid. If the […]

  • Imputed Interest

    Imputed Interest means:implied interest. In a mortgage that states an insufficient interest rate, tax law will impute a higher rate and a lower principal, which will increase taxes on the receipt of payments. Interest the taxpayer are considered to have earned – and therefore owe tax on […]

  • Import Duty

    Description and Definition of Customs or Import Duty A tariff or tax charged when a product is imported into a country. Some countries have customs duties but no income tax. Resources See Also Further Reading Customs or Import Duty in the West's Tax Law Dictionary Customs or Import Duty […]

  • Improvement

    Improvement means:any permanent, fixed development of land or buildings through expenditure of money or labor that more than merely replaces, repairs, or restores the original condition and that tends to increase the value of the property. Improvements are normally not deductible for tax purpose…

  • Improved Land

    Improved Land means:land that has some improvements; that is, land that has been partially or fully developed for use. Any of the following activities applied to a piece of raw land will result in improved land: • landscaping and grading. • installation of utilities. • constructio…

  • Impairment-related Expenses

    Impairment-related Expenses means:work expenses related to a person's disability. One of the Social Security disability program's incentives for encouraging disabled workers to return to work is to discount impairment-related expenses when it is determined that a disabled worker's earnings const…

  • Imputed Income

    Imputed Income means:the economic benefit a taxpayer obtains through performance of selfprovided services or through the use of self-owned property. In general, imputed income is not subject to income taxes. For example, if a taxpayer who is a plumber repairs a toilet in his own home, such repai…