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Primarily Personal Property
Items or assets that are mainly used for personal, non-business purposes, which may include vehicles, furniture, and electronics.
Net Loss
The amount by which expenses exceed revenues, often deductible from other sources of income on a tax return.
Allocation Method
A system or formula used to distribute, divide, or allocated resources, expenses, or income among various accounts or entities.
Rental Income
Income earned from renting out property or equipment.
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