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GLOSSARY
Tax stamps
A levy mandated by the government on the transfer of ownership of real estate.
Tax tables
Tables published by the IRS for taxpayers with an income of 100,000 or less used to calculate their income tax.
Tax-exempt security
Tax-exempt security is a mutual fund or bond that produces income which isn't subject to federal income taxes. Tax-free municipal bonds are an example. These are fixed-income securities issued by state, county, city, or local governments. Mutual funds that invest strictly in tax-exempt securities would also be tax-exempt.
Tax-free money market mutual fund
Tax-free money market mutual fund is a diversified investment fund that invests only in short-term, tax-exempt securities. These funds are usually purchased through brokers and provide income that's free from federal tax liability.
Tax-sheltered annuity
Tax-sheltered annuity is a type of retirement planning instrument available to employees of tax-exempt organizations. Contributions are tax-deductible and earnings within the annuity aren't taxed until withdrawn.
Taxable estate
Taxable estate is the value of a decedent's estate that's used to calculate death taxes, also known as estate taxes. Generally, the taxable estate equals the total value of the assets, less liabilities and any tax-deductible assets.
Taxable income
Your gross income minus all of your adjustments, deductions, and exemptions.
Taxes
Taxes are fees assessed by a governing body. Taxes are typically assessed on transactions (sales tax), property (property and vehicle taxes), and income (income tax).
Taxpayer Identification Number
Your social security number as an individual or your employee identification number (EIN) for your business.
Tear down condition
A house that is purchased so that is can be leveled to make a space for a brand new home.
Tear sheets
Tear sheets are the summaries of public companies that are published by Standard & Poor's (S&P). An S&P summary includes an overview of the company's operations and key performance metrics. In advertising, tear sheets are pages removed from a publication and sent to an advertiser as proof that the advertisement was run.
Teaser rate
Usually seen on the mass mailings for credit card offers with a fantastic introductory rate used to lure consumers to switch credit cards. This rate is temporary and below market.
TED spread
TED spread is a metric that's tracked as an indicator of market credit risk. It's calculated as the difference in pricing between a three-month U.S. Treasury bill, and three-month LIBOR. A widening of the TED spread indicates a greater risk of default among borrowers.
Temporary lender
A temporary lender is a financial institution that makes mortgage loans and then sells them on the secondary market immediately after close. Temporary lenders don't keep a portfolio of loans; they earn money through fees charged to the borrower, and by selling the loans at a premium.
Ten-year Treasury Constant Maturity
Ten-year Constant Maturity Treasury is an index that's periodically published by the U.S. Treasury. The index value is calculated by adjusting the yields of recently auctioned U.S. Treasury bills and notes of varying maturities to the equivalent of a ten-year yield.