Real Property
Also known as real estate. Real property includes land and generally anything built on, growing on, or attached to land.
Recovery Period
A period of years during which the cost of business assets is depreciated.
Refundable Credit
A credit for which you can get a refund, even if it exceeds your tax liability. Examples of a refundable credit are the Earned Income Credit and the Additional Child Tax Credit.
Rental Income
Rental income is any payment you receive for the use or occupation of property. In addition to money you receive as rent payments, there are other amounts that may be rental income, such as the fair market value of property or services received in lieu of rent. You generally must include in your gross income all amounts you receive as rent.
Resident Alien
You are a resident alien of the United States for tax purposes if you meet either the Green Card Test or the Substantial Presence Test for the calendar year (January 1-December 31).