Demised Premises refers to the property or section of property that is subject to a lease agreement. This term is commonly used in real estate and rental contracts, identifying the specifics of the leased property.
Gross Income refers to the total earnings from all sources before any deductions or taxes. It encompasses income from employment, self-employment, rental property, alimony, child support, public assistance payments, and retirement benefits.
Leasehold refers to the right acquired under a lease to use land and buildings for a specified period in return for the payment of a specific rental. Understanding leasehold agreements is crucial for both residential and commercial tenants, as it determines the terms and conditions under which they can use the leased property.
A vacation home is a dwelling that owners use occasionally for recreational or resort purposes. It may be rented to others for part of the year and the income tax deductions depend on the frequency of owner use.
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