Glossary

F

• Fair Market Value (FMV)

  

  The price that property would sell for on the open market or the price that would be agreed upon between a willing buyer and willing seller, with neither being required to buy or sell and both having reasonable knowledge of the relevant facts.

• Fair Rental Price

  

  Generally, an amount that an individual (who is not related to the property owner) is willing to pay to rent property. If the rental price is substantially less than for similar properties in the same area, it is not considered a fair rental price.

• Fair Rental Value

  

  The amount an individual could reasonably expect to receive from a stranger for lodging. Fair rental value includes rent or taxes, interest, depreciation, pain, insurance, utilities, or the cost of furniture and appliances. In some cases, fair rental value may be equal to the rent paid.

• Farming Business

  

  A trade or business involving the cultivation of land; raising or harvesting any agricultural or horticultural commodity; operating a nursery or sod farm; raising or harvesting trees bearing fruit, nuts, or other crops; or raising or harvesting ornamental trees. Farming businesses also include the raising, shearing, feeding, caring for, training, and management of animals.

• Fellowship

  

  Generally, an amount paid for the benefit of an individual to aid in the pursuit of study or research.

• Federal Poverty Level (FPL)

  

  A measure of income level issued annually by the Department of Health and Human Services (HHS) that is used to determine eligibility for various programs and benefits, including health insurance requirements and credits.

• Filing Requirements

  

  Factors that determine whether a taxpayer must file a federal individual income tax return.

• Filing Status

  

  The tax return status used to determine a taxpayer's filing requirements, standard deduction, applicable tax, and whether the taxpayer is allowed to claim certain other deductions and credits.

• Financially Disabled

  

  The inability of an individual to manage their financial affairs because of a medically determinable physical or mental impairment which can be expected to result in death or which has lasted or can be expected to last for a continuous period of not less than 12 months.

• Fiscal Year

  

  A 12-month period ending on the last day of any month except December.

• Flat Dollar Amount

  

  The annual minimum individual shared responsibility penalty amount for not having health insurance.

• Foreclosure

  

  A procedure by which the lender either takes title to or forces the sale of the borrower's property in satisfaction of a debt.

• Foreign Country

  

  Usually any territory (including the air space and territorial waters) under the sovereignty of a government other than that of the United States, including the seabed and subsoil of those submarine areas adjacent to the territorial waters of a foreign country and over which the foreign country has exclusive rights under international laws to explore and exploit the natural resources.

• Fringe Benefits

  

  A form of additional compensation for the performance of services.

• Full Day

  

  A period of 24 consecutive hours, beginning at midnight.

• Full-Time Student

  

  An individual attending an educational institution who meets the definition of full-time attendance for that institution.