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write-off
(redirected from Tax Write-Offs)

   Also found in: Dictionary/thesaurus, Legal, Encyclopedia, Wikipedia 0.01 sec.
Write-off
Charging an asset amount to expense or loss, such as through the use of depreciation and amortization of assets.

Write-Off
A reduction in an individual's or a company's income as the result of an expense. For example, an unpayable credit sale may be a write-off for the creditor, especially if the debtor declares bankruptcy. The bankruptcy means that the debtor is unable to pay the debt, which results in a loss of income for the creditor. A write-off may usually be deducted from one's taxable income.

write-off

To take an asset entirely off the books because it no longer has any value.If an accrualbasis taxpayer has taken money into income when bills were sent out to customers,but then some of the bills became uncollectible, the taxpayer may write off the uncollectible ones as a deduction against income. Financial institutions are required to write off loans when they become delinquent by a certain amount.



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Tax write-offs for college expenses go to the parent who claims the child as a dependent -- even if the other parent is paying the bills.
For decades the political rule on Capitol Hill has been that nobody messes with homeowners' tax benefits -- mortgage interest deductions, capital gains exclusions, property tax write-offs -- even if they cost the government hundreds of billions of dollars in tax revenues a year and increase the federal deficit.
The banks will give much needed capital and generous tax write-offs to Main Street.
 
 
 
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