Tax Credit
Reduction in taxes payable to the IRS or local government. A tax credit is more beneficial to the taxpayer than an itemized deduction because it reduces taxes on a dollar-for-dollar basis. Assume a taxpayer's calculated tax is $25,000 before considering a tax creditor of $2,000. The tax due after the credit is $23,000. example of tax credits on real property are the low-income housing credit and the investment tax credit.
Popular Real Estate Terms
A simple box-shaped house with clapboard siding and a gable roof. ...
The Multiple Listing Service (MLS) is an exclusive database of properties created by real estate agents and brokers. The idea behind the creation of the Multiple Listing Service (MLS) ...
Opening in the wall of a structure to let in air and light. ...
Metropolitan locality such as a city. It is heavily populated with many residents and businesses. An example is New York City. ...
The American Institute of Real Estate Appraisers, in short, the AIREA, or the Appraisal Institute as it is known nowadays, is an institute that aims to advance professionalism in the real ...
Listing Agreement A.K.A. Listing is basically a contract allowing a real estate agent or broker to list a home for sale and act as the home seller agent representing his/her interests ...
An accessory building is an outdoor structure used by the occupants of the main building or house. They have different functions and can be detached or attached to the main building on the ...
Reducing real estate investment risk by acquiring diversified holdings. ...
A rental contact in which the tenant's rental is tied to a change in the price level, such as the Gross National Price Deflator. ...
Have a question or comment?
We're here to help.