Tax Shelter
Definition of "Tax shelter"
Investments, usually in limited partnership, that can protect of defer shelter) part of the income from current taxes. Under current law, passive leases can be applied up to passive income. Typically, a large amount of capital along with a significant amount of debt is needed. Allowable deductions are typically allowed only to the amount at-risk. A tax shelter is advantageous by the taxpayers in high tax brackets so they can take losses from it to reduce their taxable income. A number of real estate tax shelter exist. there is a penalty of 1% of the total amount invested for the failure to register a tax shelter. The failure to report a tax shelter identification number has a penalty of %250. Penalties for "abusive" shelters may be staggering. Tax shelters have been significantly restricted in recent years.
Popular Real Estate Terms
Latin for by itself. A per se matter is one that is alone and not connected to another matter. For example, age, per se, is not a determinant of health. ...
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Apartment building in which each resident owns a percentage share of the corporation that owns the building. ...
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Losses arising from damage to or destruction of property. ...
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Cubic unit of measure for a board one-foot long, one-foot wide and one inch thick, or 144 cubic inches. These measurements are not actual, since they are stated prior to finishing and ...
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