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Tax Glossary
What Is “Revocable trust”?
A revocable trust, often called a living trust, is a legal arrangement created during your lifetime to hold and manage...
Tax Glossary
What Is “Resident Return”?
A resident return is an individual tax return filed by a taxpayer who qualifies as a full-time resident of a...
Tax Glossary
What Is “Real Property Tax”?
Real property tax is a local government levy assessed on immovable real estate assets, including land, residential homes, commercial buildings,...
Tax Glossary
What Is a “Qualified Tuition Program”?
A Qualified Tuition Program (QTP), widely known as a Section 529 plan, is a tax-advantaged savings and investment program established...
Tax Glossary
What Is “Qualified Tuition and Related Expenses”?
Qualified tuition and related expenses are the baseline academic costs required for enrollment or attendance at an eligible educational institution...
Tax Glossary
What Is a “Qualified Education Expense”?
A qualified education expense is an out-of-pocket cost required for enrollment or attendance at an eligible college, university, or vocational...
Tax Glossary
What Is “Qualified Disclaimer”?
A qualified disclaimer is a legal refusal to accept an inheritance, gift, or bequest. By executing this refusal according to...
Tax Glossary
What Is “QTIP Trust”?
A QTIP trust, which stands for Qualified Terminable Interest Property trust, is an irrevocable estate planning tool that allows an...
Tax Glossary
What Is “Public charity”?
A public charity is a type of tax-exempt nonprofit organization that receives a substantial portion of its financial support from...
Tax Glossary
What Is “Property Tax”?
Property tax is a local tax levied by municipal governments, counties, or school districts on the value of real estate...