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 Partnership:
- Dictionary in which two or more persons join their money and skills in conducting the business. Partnerships must file a return but are not subject to tax. Each partner reports his or her share of the prepaid interest definition.
- Definition Principal Payments:
- Dictionary The portion of a loan payment that reduces the outstanding balance of the loan prepaid interest explain.
- 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 prepaid interest what is.
- Definition Personal Property Tax:
- Dictionary An annual tax imposed on certain personal property, such as cars or boats, and based on the value of the property prepaid interest meaning.
How works Prepaid Interest meaning in Tax definitions P .
