T-bar: A chart used to summarize the timing of real estate cash flows.

Tax impact: The impact of taxes on investment income and rate of return.

Tax liability: Real estate taxable income multiplied by the tax rate.

Tax shelter: The ability of real estate holdings to reduce an investor's tax liability through the use of cost recovery.

Taxable income: Adjusted gross income less personal deductions and exemptions.

Taxation: How an investment is affected by tax laws and codes.

Time value of money (TVM): An economic principle recognizing that a dollar today has greater value than a dollar in the future because of its earning power.