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LSDefine

Simple English definitions for legal terms

carryover

Read a random definition: transferable

A quick definition of carryover:

Carryover is a way of using leftover deductions and credits from one year to reduce taxes in later years. For example, if you didn't use all of your tax deductions this year, you can carry them over to next year to lower your taxes. This can also apply to things like vacation time or credits earned in school. There's also something called a carryover basis, which is used to calculate gains or losses when selling an asset.

A more thorough explanation:

Carryover is a way of using deductions and credits from one year to reduce the tax liability in later years. This is done when the deductions and credits cannot be fully used in the year they were earned. For example, if a business has a net operating loss in one year, it can carry over that loss to reduce its tax liability in future years.

Other items that can be carried over include charitable contributions and investment tax credits. Carryover can also be used in other contexts, such as carrying over accrued vacation time or credits earned towards a degree.

Another concept related to carryover is carryover basis. This is used when an asset is sold or exchanged, and the previous owner's original investment amount (plus any improvements) is transferred to the new owner for the purpose of calculating gain or loss.

For example, if someone buys a house for $200,000 and makes $50,000 worth of improvements, their total investment in the house is $250,000. If they sell the house for $300,000, their gain would be $50,000 (the selling price minus their investment). However, if they had inherited the house and the carryover basis was used, their investment would be the previous owner's $200,000 plus the $50,000 in improvements, for a total of $250,000. If they sold the house for $300,000, their gain would only be $50,000 (the selling price minus their investment).

carrying on business | carryover basis

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General

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do you think i should also do that
part of me says yes
maybe ill do it tomorrow if they dont respond to my email
fair
be like this is the final hour queen
bc i aint losing 500 dollars
how much is the deposit
ah
if it was 100 bucks i would not care
but FIVE HUNDRED DOLLARS????
if u put forward the 5 hundo and then LUC came back to you, wwyd
16:52
^^
probably light myself on fire
pissing. relatable response
if LUC came to you with an A, would you be a guaranteed yes? or does there need to be money involved
i would make it work
i would like a little money....
wondering if u stomach the deposit amt and then later binding commit to LUC so you don't have to pay the deposit
bc theoretically that's the way u still commit to LUC without losing that deposit money twice
16:55
as someone who is playing the same game at the same time, I would ask for an extension for your WED deposit (if you already have done so, ignore me)
Can I do that? Would it be bad this close to the deposit deadline? And what do I say
16:56
they will either say yes or no
16:57
i have had some push it back a few times
ParallelAgreeableOrangutan
16:58
Def ask! I haven’t been in that position myself, but they’re not going to rescind an offer just bc you asked, reasonably, for an extension
17:00
Chat chime in but I think call > Email. They are not dumb, they know what we are doing, and we know what they are doing. Call may be more personal, also, I think you can call closer to Wed (opposed to email)
calling def gets you answers with more immediacy
MrThickRopes
17:02
fo pm gon be crazy tmrw
17:02
Yeah where email (expect 24-48hr return timeline). call if going to ask and after today/tmrw imo
@llama: can't believe u got a speeding ticket smh
17:49
@JupitersMoons: more than 1, the cop in my town wants my gmas house and he thinks I own it (i dont)
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