Marital Deduction
A tax deduction that allows an individual to transfer some assets to his or her spouse tax free, creating a reduction in taxable income. A marital deduction is mainly used for the purposes of estates and gifts. Investopedia Says:
The Internal Revenue Service has strict guidelines for allowable deductions, so it is important to make sure that you or your accountant adheres to them when making deductions. Related Terms:
Adoption Credit
Child Tax Credit
Community Property
Deduction
Estate Tax
Gift
Gift Tax
Head Of Household
Kiddie Tax
Marital Property
Write-Off |