An exemption in real estate refers to certain portions of a property's value or income that are legally excluded from taxation, lowering the overall tax burden.
A tax bracket refers to the range of income subject to a certain marginal tax rate. It defines the percentage of each additional dollar in income required to be paid as income taxes.
A tax deduction is an expense that can be subtracted from an individual or entity's gross income to reduce the amount subject to tax.
Taxable income or loss is the amount of income or loss a taxpayer reports on their tax return from various sources, including rental real estate. It involves subtracting various allowable deductions from gross income to determine the net amount subject to taxation.
