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This deduction allows homeowners to reduce their taxable income by the amount of interest paid on a mortgage debt for a primary or secondary home.

A REIT is a company that owns or finances income-producing real estate and offers certain tax advantages, including acting as a pass-through entity to disperse at least 90% of taxable income to shareholders.

Depreciation is an income tax deduction that allows a taxpayer to recover the cost of wear and tear on rental or investment property over time. For residential buildings, this is commonly done over 27.5 years.

A 1031 exchange allows investors to defer paying capital gains tax on the sale of a property by using the proceeds to purchase a like-kind property.

Revenue received from renting out a property, which is subject to income tax and must be reported to the IRS.

A special tax status that allows real estate professionals to deduct all of their rental losses against other income, without limitation, subject to qualifying criteria.

A tax savings strategy that allows property owners to accelerate depreciation deductions by identifying personal property assets within a building that can be depreciated over a shorter period, thus increasing their upfront tax deductions.

Taxpayers can deduct the real estate taxes they pay on their property from their taxable income.

An adjustment made to the basis of a property for tax purposes, which can affect the capital gains calculation upon sale. The basis is typically the property's cost plus improvements and minus depreciation.

Property tax is a tax on real estate owned by individuals or businesses based on the assessed value of the property.

Homeowners may exclude up to $250,000 ($500,000 if married filing jointly) of gain from the sale of their primary residence from their taxable income, provided they've lived in the home for at least two of the last five years.

Capital gains tax is a tax on the profit made from selling a property for more than its purchase price.

Limits the amount of losses from passive activities (like most real estate investments) that can be deducted against non-passive income.

Deduction for the business use of a home, which allows for a portion of expenses like mortgage interest, insurance, utilities, repairs, and depreciation to be deducted from taxable income.

A period when a rental property is not occupied by a tenant and not generating income, it can still incur tax-deductible expenses such as mortgage interest and property taxes.

For tax purposes, real property includes land and structures permanently attached to it, while personal property is movable and not permanently affixed to the land. Tax treatment, including depreciation schedules, differs between the two.

Assessed value is the dollar value assigned to a property for purposes of measuring applicable taxes. It is often a percentage of the property's fair market value (FMV).

Improvements are capital expenditures that add value to the property or extend its life, while repairs maintain the property's current value. Improvements are depreciated, while repairs can be expensed in the year they are incurred.

Part of the pass-through tax deductions created by the Tax Cuts and Jobs Act (TCJA), that allows eligible landlords to deduct up to 20% of their qualified business income from rental real estate activities.