NounSingular income Plural incomes income (plural incomes)
From Wiktionary under the GNU Free Documentation License. Income, refers to the consumption and savings opportunity gained by an entity within a specified time frame, which is generally expressed in monetary terms. However, for households and individuals, "income is the sum of all the wages, salaries, profits, interests payments, rents and other forms of earnings received... in a given period of time." For firms, income generally refers to net-profit: what remains of revenue after expenses have been subtracted. In the field of public economics, it may refer to the accumulation of both monetary and non-monetary consumption ability, the former being used as a proxy for total income. From Wikipedia under the
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Q. Can you still write off the loss, if it exceeds the total annual income? The loss was due to a bad real estate investment. Vacant land that i had to sale for only 1/3 my purchase price, due to declined market. That loss is greater then my annual income. Asked by shutterbug - Sun Aug 3 21:21:24 2008 - - 5 Answers - 0 Comments A. You report the sale of the land on Schedule D. If you have capital gains, those gains will be offset by part of the loss. In addition, you can take a maximum of $3,000 of the loss against your other income. Any leftover loss will be carried forward to the next year, where you will proceed as you did the first year. For more details, see IRS Pub 550 Investment Income and Expenses. Answered by ninasgramma - Sun Aug 3 23:54:09 2008 From Yahoo Answer Search: "income" |
