Taxation

Schedule R is the portion of the federal income tax return where the taxpayer computes the tax credit for the elderly or disabled. The taxpayer attaches Schedule R to his or her Form 1040 when filing the return.

Schedule E is the portion of the federal income tax return where the taxpayer reports all supplemental income and loss from rental real estate, royalties, partnerships, S corporations, estates, trusts, etc. The taxpayer attaches Schedule E to his or her Form 1040 when filing the return.

Schedule D is the portion of the federal income tax return where the taxpayer itemizes all realized capital gains and losses. The taxpayer attaches Schedule D to his or her Form 1040 when filing the return.

Schedule C is the portion of the federal income tax return where the taxpayer reports all profit or loss from a sole proprietorship. The taxpayer attaches Schedule C to his or her Form 1040 when filing the return.

Schedule B is the portion of the federal income tax return where the taxpayer itemizes all interest and dividend income. The taxpayer attaches Schedule B to his or her Form 1040 when filing the return.

Schedule A is the portion of the federal income tax return where the taxpayer itemizes all income tax deductions, including charitable deductions. The taxpayer attaches Schedule A to his or her Form 1040 when filing the return.

Long term capital gain is the capital gain realized on a sale of property that the seller has held for more than 12 months. Realized long term capital gain is subject to capital gains tax.

Transfer tax is the generic term applied to any tax that is assessed when assets are transferred from one individual to another. Federal transfer taxes include estate tax, gift tax, and generation skipping tax. State transfer taxes include death tax.

Taxpayers who declare adjusted gross income in excess of a certain threshold must reduce their itemized deductions by 3% of that excess. Itemized deductions include state and local taxes, mortgage interest, and other itemized deductions, as well as charitable deductions. The reduction is limited to no more than 80% of the taxpayer's total itemized deductions.

Taxpayers who declare adjusted gross income in excess of a certain threshold must reduce their itemized deductions by 3% of that excess. Itemized deductions include state and local taxes, mortgage interest, and other itemized deductions, as well as charitable deductions. The reduction is limited to no more than 80% of the taxpayer's total itemized deductions.