What PERSONAL EXPENSES means: Expenses of an individual other than those for business or investment purposes. Personal expenses are not deductible unless specifically allowed under the tax law. Two examples of deductible personal expenses are medical expenses and personal property tax paid on personal-use property.
- Definition Physical Custody:
- Dictionary The taxpayer with whom a child lives is considered to have physical custody personal expenses definition.
- Definition Prepaid Interest:
- Dictionary advance is deductible only as it accrues. The one exception to this rule is for certain points paid by a cash-basis taxpayer to obtain financing for a loan used to purchase, reconstruct, or improve personal expenses explain.
- Definition Passive Income:
- Dictionary Passive income is income from business activities in which the taxpayer does not materially participate, and most rental activities. See also Material Participation and Portfolio Income personal expenses what is.
- Definition Percentage Depletion:
- Dictionary percentage depletion is a specified percentage of the gross income from the property, subject to other limits. Percentage depletion is allowed for nearly all natural resources, except timber. See personal expenses meaning.
How works Personal Expenses meaning in Tax definitions P .
