Tag: MO
-
Mortgage Interest Expense
Description and Definition of Mortgage Interest Expense Interest paid on a loan for acquisition indebtedness or home-equity debt secured by your home that is fully deductible up to certain limits. Two residences qualify if acquisition debt secured by the home is $1 million or less, and home […]
-
Modified Accelerated Cost Recovery System
About Modified Accelerated Cost Recovery System: The Modified Accelerated Cost Recovery System (MACRS) was a method of depreciation introduced by the Tax Reform Act of 1986. Assets are depreciated over longer lives than those provided by the accelerated cost recovery system. Personal property […]
-
Moving Expenses
Description and Definition of Moving Expenses For a qualified job-related move, deductible moving expenses include the reasonable costs of moving yourself, your family, and your possessions if distance and time tests are met. Resources See Also Further Reading Moving Expenses in the […]
-
Modified Alternative Minimum Taxable Income
About Modified Alternative Minimum Taxable Income: alternative minimum taxable income (AMTI) without the (a) alternative tax net operating loss deduction, (b) alternative tax energy preference deduction, and (c) deduction for the environmental tax. The modified AMTI is used to calculate the corporat…
-
Mortgage Relief
About Mortgage Relief: acquired freedom from mortgage debt, generally through assumption of mortgage by another party or by debt retirement. In a tax-free exchange, mortgage relief is considered boot received, causing a taxable gain to the extent of the lesser of the realized gain or the fair market…
-
Mortgage Credit Certificates
About Mortgage Credit Certificates: The Mortgage Credit Certificates (MCCS) are Certificates that entitle homebuyers to nonrefundable income tax credits for a specified percentage of the interest paid on mortgage loans on their principal residences. Governmental units may exchange annual private act…
-
Mortality Table
Mortality Table means:a chart showing the rate of death at each age in terms of the number of deaths per thousand. See Inheritance Tax and Inheritance Tax….
-
Moving Expense Deduction
Moving Expense Deduction means:a deduction for AGI for certain amounts paid to or on behalf of an individual to move to a new residence. Some of the costs of moving in connection with taking a new job are deductible. To qualify for the deduction, the new job must be at least 50 miles farther fro…
-
Mortgage Prepayment Penalty
Mortgage Prepayment Penalty means:a penalty for retiring a home loan; deductible as mortgage interest expense….
-
Monthly Digest of Tax Articles
Monthly Digest of Tax Articles means:a publication by Newkirk Associates that presents significant current tax articles in detailed but abridged form….