10 Questions
What is the term for an amount of money that can be offset against a tax liability?
Tax deduction
In real estate, what is property held primarily for sale to customers called?
Inventory property
What term is used for a tax-free exchange of like-kind property, often referred to as a Section 1031 exchange?
Deferred exchange
What does 'Initial Basis' in real estate refer to?
Acquisition cost
'Ordinary expenditures' in real estate are mainly related to what?
Maintenance costs
What is a tax deduction in the context of real estate?
Amount of money that can be offset against a tax liability
In real estate, what does 'inventory property' refer to?
Property held primarily for sale to customers
What is the Initial Basis in real estate?
Acquisition cost of a property
What is included in a tax return?
Federal government document detailing tax rules
What does the term 'marginal tax rate' refer to?
Last dollar earned by a taxpayer
Test your knowledge on income taxation and real estate.
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