Tax Glossary

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
Balloon

A final payment on a loan in one lump sum.

Basis

Generally, the amount paid for property. You need to know your basis to figure gain or loss on a sale.

Boot

Generally, the receipt of cash or its equivalent accompanying an exchange of property. In a tax-free exchange, boot is subject to immediate tax.

advertisement