New York real estate glossary

Know the term. Understand the rule.

Search 189 exam terms from all 19 New York salesperson curriculum subjects. Every definition opens into a sourced guide with an exam cue, a practical example and the distinction students often miss.

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Read the short definition first. Then open the term for the exam pattern, New York example and common mix-up.

Filter by topic Income tax

8 terms in Income tax

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A

Income tax

Adjusted basis

Original basis increased or decreased by tax-law adjustments such as qualifying improvements and allowed depreciation.

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Income tax

Amount realized

The total value received on a disposition, adjusted for selling expenses and other items as tax law provides.

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B

Income tax

Basis

A tax measurement used to determine gain, loss, depreciation and other tax consequences for property.

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C

Income tax

Capital gain

Gain from the sale or exchange of a capital asset, calculated under tax law and subject to classification and exclusions.

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D

Income tax

Depreciation recapture

Tax treatment that can recharacterize or specially tax part of gain tied to prior depreciation deductions.

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L

Income tax

Like-kind exchange

A tax-deferred exchange under Internal Revenue Code section 1031 for qualifying real property held for investment or productive use in a trade or business.

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P

Income tax

Principal residence

A person's main home for tax purposes, determined from use and the applicable facts and rules.

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T

Income tax

Tax depreciation

A tax deduction that allocates the cost or other basis of qualifying property over a recovery period.

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