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A debit is not the normal balance for which of the following?
Short-Term Capital Gains
Profits from the sale of an asset held for one year or less, typically taxed at higher rates than long-term capital gains.
AGI
Adjusted Gross Income, which is total income minus specific deductions, used to calculate tax liability.
Collectibles Tax Rate
The tax rate applied to gains from the sale of collectibles, such as art, stamps, coins, and antiques, which is often different from the rate on other capital gains.
Section 1245 Gain
Income derived from the sale or disposal of depreciable personal property, which may be recaptured as ordinary income.
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