Term Answer Description Gross income A. This is calculated by determining income

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Term Answer Description Gross income A. This is calculated by determining income subject to taxes less adjustments, deductions, and exemptions and applying the appropriate rate(s) Active income B. This term refers to an asset sold for more than its original alue Portfolio income Passive income Investment expenses C. This term includes income from self-employment. D. Investment income is offset with this related expense E. This term includes wages, salaries, bonuses/commissions, and interest/dividends/alimony Real estate or limited partnership expenses Capital gains Sale of a home F. This term includes income gained from real estate and limited partnerships G. This is used to offset passive income H. To qualify for exclusion during this transaction, you must have owned and occupied for two of the five prior years Taxable income I. Income from savings accounts, stocks, bonds, mutual funds, options, and futures are included in this term Tax liability J. This is used to determine tax liability

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Gross income E Active income C Portfolio income B Passive income I Investment expenses D Real estate or limited partnership expenses G Capital gains F Sale of a home H Taxable income J Tax liability A

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