one-time only deduction |
|
Definition
A tax deduction that does not carry over to subsequent years. For example, a homeowner who sells a house may be able to deduct a portion of the sale price from that year's taxes. Another example would be an employee who had to purchase special clothing or equipment in order to complete a job. The employee would be able to take a one-time only deduction for the cost associated with the clothing or equipment.
email to a friend
print this definition
cite this definition
link to this page
one-time only deduction is in the Accounting & Auditing subject.
This content can be found on the following page:
http://www.businessdictionary.com/definition/one-time-only-deduction.html