The Law Dictionary

Your Free Online Legal Dictionary • Featuring Black’s Law Dictionary, 2nd Ed.

ONE-TIME ONLY DEDUCTION Definition & Legal Meaning

Definition & Citations:

This is a tax deduction that will normally only apply for one tax year. A homeowner may get a one-time only tax deduction in the year that they sell their house, for instance. Similarly, equipment or clothing purchased to complete a job (e.g. protective garments) may lead to a one-time only tax deduction.


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