6/28/2017

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Tax Definitions

Tax Definitions
Tax Definitions A
Tax Definitions B
Tax Definitions C
Tax Definitions D
Tax Definitions E
Tax Definitions F
Tax Definitions G,H
Tax Definitions I
Tax Definitions J,K,L
Tax Definitions M
Tax Definitions N,O
Tax Definitions P,Q
Tax Definitions R
Tax Definitions S
Tax Definitions T
Tax Definitions U,V,W

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Tax Definitions and Terms (R)

Real Estate: Land and anything permanently affixed to it, such as buildings and fences. The term may also refer to the rights associated with the property. Also called real property.

Real Estate Investment Trust (REIT): An investment vehicle that is similar to a mutual fund, but invested primarily in real estate. An REIT has the benefits of real estate ownership without having to interact with tenants.

Recognized Gain: The amount of gain that a taxpayer reports on his or her tax returns.

Recognized Loss: The amount of loss that a taxpayer reports on his or her tax returns.

Refund: Money that is given back to the taxpayer due to overpayment of taxes to the Internal Revenue Service during the tax year.

Refundable Tax Credit: A credit that entitles a taxpayer to a refund even if the taxpayer owes no taxes for the year.

Return of Capital: A distribution from an investment plan that is not subject to tax unless the distribution exceeds the amount of the investment.

Rights of Survivorship: The main characteristic of a joint tenancy relationship in which the interest of the deceased goes to the surviving tenant.

Rollover: The process of taking money from an employer's retirement plan and moving it into another account. If you take possession of the money yourself, the employer is required to withhold 20% for payment to the IRS for federal taxes.

Roth IRA: An Individual Retirement Account that allows contributors to make contributions to the account with after tax assets without incurring more tax penalties. The restrictions on withdrawals from a Roth IRA are usually less than those on a traditional IRA.

Royalties: Income received from the licensing of intellectual or material property, such as musical recordings, books, movies, the mining of natural resources on property that you own, etc. This income is taxed as ordinary income.

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