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.
What is a 'Surplus'. A surplus is the amount of an asset or resource that exceeds the portion that is utilized. A surplus is used to describe many excess assets including income, profits, capital and goods. A surplus often occurs in a budget, when expenses are less than the income taken in or in inventory when fewer supplies are used than were retained. Economic surplus is related to supply and demand.