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deductible (adj.)

1856, "capable of being withdrawn," especially from one's taxes or income, with -ible + Latin deducere "lead down, derive" (in Medieval Latin, "infer logically"), from de "down" (see de-) + ducere "to lead," from PIE root *deuk- "to lead." As a noun, "amount of a loss which must be borne by the policy-holder in an insurance claim," by 1927. The older adjective is deducible (1610s).

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Definitions of deductible from WordNet
1
deductible (n.)
(taxes) an amount that can be deducted (especially for the purposes of calculating income tax);
deductible (n.)
a clause in an insurance policy that relieves the insurer of responsibility to pay the initial loss up to a stated amount;
2
deductible (adj.)
acceptable as a deduction (especially as a tax deduction);
From wordnet.princeton.edu