Exemption

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Dictionary Says

Definition of 'Exemption'

A deduction allowed by law to reduce the amount of income that would otherwise be taxed. An exemption is based on a status or circumstance rather than economic standing.
Investopedia Says

Investopedia explains 'Exemption'

There are two types of exemptions: personal and dependency.

An example of an exemption is the reduction in taxes you are granted for the dependent children (under the age of 18) living with you.
Search results for

'Exemption'

  • Estate Planning Law Changes You Need To Know - Investopedia.com

    http://financialedge.investopedia.com/financial-edge/0911/Estate-Planning-Law-Changes-You-Need-To-Know.aspx
    ... from a grandparent to a living grandchild, for example, would be exposed to the
    generation skipping transfer tax, subject to the current exemption amounts. ...

  • 8 Tax Cuts Set To Expire In 2011 - Investopedia.com

    http://financialedge.investopedia.com/financial-edge/1010/8-Tax-Cuts-Set-To-Expire-In-2011.aspx
    ... 6. Personal Exemptions Phased Out - Again In 2010, taxpayers may take a personal
    exemption of $3,650 for themselves, their spouses and each qualified dependent ...

  • Taxing Times For Divorced Parents

    http://www.investopedia.com/articles/pf/08/dependent-tax-credits.asp
    ... deduction(s) and/or credit(s). In these cases, the custodial parent can sign Form
    8332 with the IRS and waive the right to the exemption, allowing the other ...

  • How can a trust lower federal transfer tax liability?

    http://www.investopedia.com/ask/answers/08/trust-lower-tax-liability.asp
    ... second spouse dies several years later and the combined estate that is transfered
    to the children turns out to be larger than the current exemption level, then ...

  • Series 63 Study Guide - Securities - Securities Exemptions ...

    http://www.investopedia.com/exam-guide/series-63/securities/securities-exemptions.asp
    ... The next three we can deal with - in one respect - as sharing some of the
    same characteristics that qualify for exemption. Financial ...

  • Tax Rules For Resident And Nonresident Aliens

    http://www.investopedia.com/articles/tax/11/tax-tips-for-non-residents.asp
    ... However, resident aliens who work for a foreign government in the US may be able
    to claim an exemption on their wages if the US has a reciprocal tax treaty ...

  • Is it true that you can sell your home and not pay capital gains ...

    http://www.investopedia.com/ask/answers/06/capitalgainhomesale.asp
    ... sell your home. Married couples enjoy a $500,000 exemption. There are,
    however, some restrictions on this exemption. In order for ...

  • Series 63 Study Guide - Securities - Exempt Transactions ...

    http://www.investopedia.com/exam-guide/series-63/securities/exempt-transactions.asp
    ... Non-Issuer Transactions in Outstanding Securities This is often called the "manual
    exemption". ... This exemption goes back to the ideas discussed earlier. ...

  • Refusing An Inheritance

    http://www.investopedia.com/articles/06/RefuseInheritance.asp
    ... immediate estate tax. However, this could mean that the decedent misses out
    on using his or her exemption equivalent. Furthermore, the ...

  • Weighing The Tax Benefits Of Municipal Securities

    http://www.investopedia.com/articles/04/072804.asp
    Find out how to determine whether the tax exemption
    offered by "munis" benefits you. ...

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