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.
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.  An example of surplus cash is money left over after you have paid all of your bills.