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 Personal Property:
- Dictionary Generally, all property other than real estate personal expenses.
- Definition Personal And Dependent Exemptions:
- Dictionary an exemption for each taxpayer and spouse (if a joint return is filed) who is not eligible to be claimed as a dependent on another taxpayer's return and for each dependent. The exemption amount personal expenses.
- 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.
- Definition Production Taxes:
- Dictionary Taxes levied by state governments on the value or quantity of production or extraction of natural resources personal expenses.
How works Personal Expenses meaning in Tah definition P .