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Legal Definitions - deduction in respect of a decedent
Law school is a lot like juggling. With chainsaws. While on a unicycle.
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Definition of deduction in respect of a decedent
Definition: Deduction in respect of a decedent refers to the amount that can be subtracted from a deceased person's income for tax purposes. This deduction is not recognized on the decedent's final income-tax return because of the accounting method used, such as an accrued-interest expense of a cash-basis debtor.
Example: If a person dies and owes interest on a loan, the interest that accrued up until the point of death can be deducted from their income for tax purposes. This deduction is not recognized on the final income-tax return because it is not paid until after the person's death.
This deduction is important because it can reduce the amount of taxes owed by the deceased person's estate, which can ultimately benefit their heirs.
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Simple Definition
A deduction is when you take away something from a bigger amount. In taxes, it means taking away a certain amount of money from your income to lower the amount of taxes you have to pay. There are different types of deductions, like the standard deduction, which is a set amount of money you can take away from your income, or the charitable deduction, which lets you take away money you donated to a charity. Deduction in respect of a decedent is a type of deduction that applies to someone who passed away, but it's not recognized on their final tax return because of the way their finances were managed.
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