Podcast
Play an AI-generated podcast conversation about this lesson
Questions and Answers
What is the term for an amount of money that can be offset against a tax liability?
What is the term for an amount of money that can be offset against a tax liability?
- Tax refund
- Tax break
- Tax credit
- Tax deduction (correct)
In real estate, what is property held primarily for sale to customers called?
In real estate, what is property held primarily for sale to customers called?
- Commercial property
- Investment property
- Rental property
- Inventory property (correct)
What term is used for a tax-free exchange of like-kind property, often referred to as a Section 1031 exchange?
What term is used for a tax-free exchange of like-kind property, often referred to as a Section 1031 exchange?
- Taxable exchange
- Deferred exchange (correct)
- Capital gains exchange
- Rollover exchange
What does 'Initial Basis' in real estate refer to?
What does 'Initial Basis' in real estate refer to?
Signup and view all the answers
'Ordinary expenditures' in real estate are mainly related to what?
'Ordinary expenditures' in real estate are mainly related to what?
Signup and view all the answers
What is a tax deduction in the context of real estate?
What is a tax deduction in the context of real estate?
Signup and view all the answers
In real estate, what does 'inventory property' refer to?
In real estate, what does 'inventory property' refer to?
Signup and view all the answers
What is the Initial Basis in real estate?
What is the Initial Basis in real estate?
Signup and view all the answers
What is included in a tax return?
What is included in a tax return?
Signup and view all the answers
What does the term 'marginal tax rate' refer to?
What does the term 'marginal tax rate' refer to?
Signup and view all the answers
