Taxable

Taxable refers to something that is subject to taxation, meaning it is required to pay taxes on it. The term is commonly used in the context of financial and legal systems to describe income, property, or other assets that are subject to taxation by a government. Taxable income, for example, is the portion of an individual's or business's income that is subject to taxation, after deductions and exemptions have been applied. Taxable property refers to real estate or other assets that are subject to property taxes. The taxability of an item can vary depending on the jurisdiction and the specific tax laws in place. Understanding what is taxable is crucial for individuals and businesses to comply with tax regulations and to plan their financial affairs accordingly.