Posts tagged casualty loss.
One of the biggest challenges for many clients is keeping up with their tax advisors while he or she is explaining the details of a particular tax matter. For instance, the term “recapture” sounds more like a rule out of a game of capture the flag than the word used to denote a certain type of income recognition. While there is certainly too much tax lingo to create an exhaustive list on this blog, perhaps the definitions below will help you get more out of your next tax representation, and at the very least, will help you hide that “Bueller?” look on your face.
- Adjusted basis – The cost ...
Posted in: Federal Tax
Tags: adjusted basis, adjusted gross income, capital gain, casualty loss, deferral, intangible property, recapture, Tax, tax jargon