What PREPAID INTEREST means: Interest paid in 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 his or her principal residence.
- Definition Principal Place Of Business:
- Dictionary where work is performed or business is transacted. Taxpayers who engage in more than one business can have more than one principal place of business. For purposes of the home-office deduction, a prepaid interest definition.
- 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 prepaid interest explain.
- Definition Physical Custody:
- Dictionary The taxpayer with whom a child lives is considered to have physical custody prepaid interest what is.
- Definition Partly Taxable Pensions:
- Dictionary Partly taxable pensions to which the employee made after-tax contributions. Once the employee recovers his cost, the pension becomes fully taxable prepaid interest meaning.
How works Prepaid Interest meaning in Tax definitions P .
