10.5 Vocab Flashcards
wealth tax
a tax based on the market value of owned assets
a tax based on the market value of owned assets
wealth tax
property tax
taxes paid by anyone who owns property, such as land, a home, or commercial real estate
taxes paid by anyone who owns property, such as land, a home, or commercial real estate
property tax
capital gains tax
a tax on positive difference between the sale price and the value of a gift when it was inherited
a tax on positive difference between the sale price and the value of a gift when it was inherited
capital gains tax
inheritance tax
a state tax on an asset an individual received rom someone who has passed away
a state tax on an asset an individual received rom someone who has passed away
inheritance tax
estate tax
a tax that’s imposed on a property owner’s right to transfer the property to others after their death
a tax that’s imposed on a property owner’s right to transfer the property to others after their death
estate tax
gift tax
a tax on any asset that exceeds the yearly amount you can transfer to another person without compensation of equal value
a tax on any asset that exceeds the yearly amount you can transfer to another person without compensation of equal value
gift tax
