MODIFIED ADJUSTED GROSS INCOME

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Many tax deductions, adjustments and credits are phased out or…

PASSIVE ACTIVITY LOSS

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In order to limit the tax benefits of tax shelters, the tax code…

ORIGINAL ISSUE DISCOUNT (OID)

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Sometimes bonds are issued (sold) at a discount (thus the term…

WORKING ABROAD CAN YIELD TAX-FREE INCOME

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Article Highlights: Tax-Free Income from Working Abroad Foreign…

ADOPTION CREDIT

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Adoptive parents may be able to claim a dollar-for-dollar tax…

POINTS

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In financing lingo, one point is equivalent to 1% of the loan…

PRINCIPAL RESIDENCE

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A taxpayer can exclude up to $250,000 ($500,000 for married taxpayers)…

PRIVATE ACTIVITY BOND

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Generally, interest from municipal bonds issued by a state or…