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Home Equity Indebtedness
Home equity indebtedness refers to loans secured by the taxpayer's home, where the proceeds are not necessarily used to buy, build, or substantially improve the home.
Deductible
An amount that can be subtracted from an individual's gross income to reduce the amount that is subject to income tax.
Medical Expense Deduction
A tax deduction available for individuals who have incurred significant healthcare costs relative to their income.
Dependent
Someone who relies on another, particularly for financial support, often a child or other family member as defined for tax purposes.
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