What RECOVERY means: The amount of a deduction or creditable expense paid in a previous year that is later refunded to the taxpayer. The recovered amount must usually be included in income in the year it is received, to the extent of the previous tax benefit.
- Definition Recapture:
- Dictionary The inclusion of a previously deducted or excluded amount in gross income or tax liability. Recapture may be applicable to accelerated depreciation, cost recovery, amortization, and various credits recovery definition.
- Definition Railroad Retirement Tax Act:
- Dictionary The law that provides for railroad retirement benefits recovery explain.
- Definition Repairs:
- Dictionary expenditures to keep business-use property in good operating condition that do not significantly add to the value of the property or extend its useful life. Also se "Capital Improvement." recovery what is.
- Definition Recapture Of Depreciation:
- Dictionary property is sold, gain generally is taxed as ordinary income up to the amount of depreciation claimed (for personal property) and to the extent of the excess of accelerated depreciation claimed over recovery meaning.
How works Recovery meaning in Tax definitions R .
