Definition of Unstated Interest:

Interest which must be determined and the sale price lowered by this amount when interest is not stated in an installment agreement or the interest rate applied is less than the applicable rate.

Definition of Vacation Home:

The Tax Code places limitations on taxpayers who rent their residences or vacation homes to others during part of the tax year. The limitations may result in scaling down of expense deductions for the taxpayer.

Definition of Vested Benefits:

Pension benefits belonging to the taxpayer.

Definition of Wash Sale:

A Wash Sale is when a purchase of substantially similar stock or other form of securities within 30 days before or after the sale of the similar stock or security at a loss. A taxpayer cannot claim a wash sale loss; instead, the loss is added to the basis of the most recently purchased stock that is substantially similar.

Additional Wash Sale Information:

Definition of Welfare to Work Credit:

A tax credit for employers that have hired workers from welfare rolls. The Welfare to Work Credit is claimed on Form 8861.

Definition of Widow (Widower):

A woman (man) who hasn’t remarried subsequent to the death of her husband (his wife).

Additional Widow (Widower) Information:

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