Taxes Flashcards
1
Q
Tax credit
A
Subtracted from income tax credit due.
Very rare and specific
2
Q
Capital gains
A
$250,000 for individuals and $500,000 for a couples 
3
Q
Capital improvements
A
Sales price
Fixed up expenses 90 days before selling.
Adjusted sales price
-selling costs
-cost basis (purchase price)
-Capital Improvement
4
Q
Cost basis
A
How much you bought it for
5
Q
Adjusted cost basis
A
Cost + improvements - depreciation= adjusted cost basis
