What EXCLUDED GAIN means: Excluded gain is gain realized on a sale that will never be taxed. The most common situtation in which this occurs is for qualifying sales of principal residences. Other gains that may be excluded in whole or in part are gains on section 1202 stock, gains on qualified small business stock, and gains on certain property owned by businesses operating in renewal communities.
- Definition Estate:
- Dictionary commonly used for a taxable entity that is established upon the death of a taxpayer. It consists of all the decedent's property and personal effects. The estate exists until the final excluded gain.
- Definition Energy Tax Credit--Business Property:
- Dictionary An energy tax credit allowed for the purchase of certain business-use property utilizing solar, geothermal, or biomass energy. New provisions allow credits for certain coal and gasification projects excluded gain.
- Definition Expensing:
- Dictionary when a taxpayer claims the section 179 expense deduction, defined elsewhere in this glossary, or currently deducts certain other expenditures that would ordinarily be required to be capitalized excluded gain.
- Definition Earned Income Credit:
- Dictionary credit for qualified taxpayers based on earned income, adjusted gross income, and the number of qualifying children. See our Earned Income Tax Credit rate table for the current income limits excluded gain.
How works Excluded Gain meaning in Tah definition E .