Keep records of home improvements as long as you own the house. You generally arenât taxed on home-sale profits if you lived in the home for at least two of the past five years and your profit is less than $250,000 if youâre single or $500,000 if married filing jointly.
âº the amount by which something, especially an amount of money, is smaller than it should be: a pension/pension fund deficit. a deficit in sth The company reported that an estimated $31.5 million deficit in this year's operating budget would end up at about $20 million as a result of savings.
adjective. noun. The definition of surplus is something that is in excess of what you need. 1  An example of surplus goods are items you do not need and have no use for. 2  An example of surplus cash is money left over after you have paid all of your bills.