IRS PUBLICATION 523
The publication that outlines the applicable tax rules when selling the main home. In most cases, the main home refers to a primary residence where the taxpayer lives most of the time. Taxpayers may be qualified to exclude all or part of the gain from the sale of a principal residence from income. Generally speaking, if a taxpayer can exclude all the gain, he or she does not need to report the sale on the tax return.
POPULAR TERMS
Target Return
Pricing model used in valuing a business based on what an investor expects from any capital invested in the firm. It is computed by adding the amou ...
Remainder Man
An individual who receives the remaining principal in a trust account after all required payments have been made, such as those to the beneficiary ...
Average Collected Balance
The total average of the collected funds in a bank account in a month. The balance is calculated by adding the collected balance and dividing it by ...
Bankable Funds
Forms of payment that are accepted at financial institutions. Retailers and other organizations that directly accept payments from customers typica ...
Prudent-Person Rule
A legal maxim that restricts the discretion in a client's account to investments that a prudent person seeking reasonable income and preservati ...
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