one-time only deduction definition

one-time only deduction

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.

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