How Much of Your Portfolio Should Be REITs? How to Decide

Key takeaways

• There is no correct REIT percentage for everyone. The right range for you depends on your goals, time horizon, risk tolerance, taxes and what you already own.
• Count the real estate you already have first. That includes rental property, DST interests, and any listed REITs inside a broad stock index fund.
• REITs can react to interest rates, inflation and recessions in different ways, depending on their debt, lease lengths and property types. None of these effects is certain.
• REITs, bonds and dividend stocks pay income in different ways and are taxed differently. REIT dividends are mostly ordinary income, softened by a 20% federal deduction.
• REIT ETFs and index funds spread money across many REITs at once. A narrowly focused fund still may not diversify your whole portfolio, and diversification does not guarantee a profit or protect against loss.
• Rebalancing on a schedule you set ahead of time can keep a REIT position from drifting far from your plan.

How much of your portfolio should be REITs?

It's a natural first question about REITs. The honest answer is that it depends. That can sound like a dodge, so let me explain what it depends on and how to work through it.

First, some terms. A REIT, or real estate investment trust, is a company that owns, and usually runs, income-producing real estate or real estate loans. My guide to what a REIT is covers how they work. A portfolio is everything you invest, taken together.

What asset allocation means

The SEC's investor education site says "Asset allocation involves dividing your investments among different assets, such as stocks, bonds, and cash." Real estate can be one more asset in that list. FINRA's asset allocation page mentions real estate among "Other asset classes some investors consider."

A REIT allocation is just the slice of that mix that sits in REITs.

Why no single number fits

Investor.gov points to two personal factors. One is your time horizon, the number of years until you need the money. It says "Investors with a longer time horizon may feel comfortable taking on riskier or more volatile investments."

The other is risk tolerance. Investor.gov defines it as "your ability and willingness to lose some or all of your original investment."

It also notes that the right mix for you can change at different times in your life. A 40-year-old saving for retirement and a 75-year-old living on income face different trade-offs. So a number that fits one person can be wrong for the next.

What it also depends on

Beyond time and risk, a few more things shape the answer:

• What you already own. A landlord with three rentals already has a lot of real estate.
• Why you want REITs. Income, real estate exposure without a landlord's work, and diversification are different jobs.
• Taxes. REIT dividends are taxed mostly as ordinary income. Where you hold them matters.
• Liquidity needs. Listed REITs trade daily. Other real estate investments may not.

I won't give you a percentage here. This guide is for education, and a percentage without your full picture would be a guess. Instead, the rest of this guide gives you the pieces to work through the question with a financial professional.

What job can REITs do in a portfolio?

Before deciding how much, decide why. Each reason points to a different kind of REIT holding.

Income

REITs have a built-in reason to pay dividends. Under 26 U.S.C. §857, a REIT must pay dividends equal to at least 90% of its REIT taxable income to keep its tax status. The SEC's REIT page says "some REITs may offer higher dividend yields than some other investments."

That rule is tied to taxable income, not to a promised payout. If income drops, the required dividend drops too. Distributions are not guaranteed and can be cut.

Real estate exposure without being a landlord

Investor.gov says REITs "allow individuals to invest in large-scale, income-producing real estate." You can own a slice of warehouses, apartments or medical buildings without fixing a roof or finding a tenant.

Liquidity

Listed REITs trade on stock exchanges. You can generally sell on any trading day at the market price. That price may be low on the day you need to sell. Direct property and many private real estate investments can't be sold that fast.

Diversification

Diversification is, in Investor.gov's words, "the practice of spreading money among different investments to reduce risk." REITs own property, which can respond to different forces than other companies do.

But REITs are still stocks, and they can fall along with the stock market. Diversification does not guarantee a profit or protect against loss.

How do REITs compare with the S&P 500?

The S&P 500 is a stock index that tracks 500 large U.S. companies. People often ask whether REITs have beaten it. This guide doesn't quote performance numbers, because results depend heavily on the dates chosen, and past results don't predict future ones. What I can do is show you how to compare the two fairly.

Use total return, not just price

Total return is the change in price plus the dividends paid, usually assuming they were reinvested. REITs pay out most of their income, so a price-only chart leaves out a large part of the result. Comparing REIT prices to an index's price can make REITs look worse than they were.

Use the same period

A comparison that starts at a market peak for one and a low point for the other will mislead you. Use the same start and end dates. Look at several periods, including ones that cover a recession.

Watch for overlap

A broad stock index fund may already hold listed REITs. Its holdings list will show you. So "REITs vs. the S&P 500" may be partly a comparison of something with itself.

Count taxes and fees

REIT dividends are taxed differently from most stock dividends. My guide to REIT dividends and taxes explains how. Two investments with the same pre-tax return can leave you with different after-tax results. Fund fees matter too. Investor.gov's definition of a passive fund warns that "Over time, higher fees and expenses can significantly lower investment returns."

Where to look for real numbers

If you want past returns, use a fund's prospectus and shareholder reports. They show the fund's own returns and fees. Past performance doesn't promise future results. Any comparison you see should name its source, its dates and whether dividends are included.

How do interest rates affect REITs?

Interest rates can affect REITs in several ways at once. Some push prices down, and some can help. Which effect wins depends on the REIT and the moment.

Borrowing costs

Most REITs use debt. When rates rise, new loans and refinancing cost more. That can cut the cash left for dividends and new purchases. A REIT with long-term, fixed-rate debt may feel this more slowly than one with floating-rate loans or near-term maturities.

Competition for income investors

When bond yields rise, investors can earn more interest without owning stocks. Some income investors may then prefer bonds over REITs. That can push REIT prices down even if rents haven't changed.

Property values and cap rates

A cap rate, or capitalization rate, is a property's yearly net operating income divided by its value. Net operating income, or NOI, is rent minus operating costs, before loan payments.

Cap rates can move when interest rates move, though not in lockstep. Here's why that matters, using a hypothetical example. Say a building earns $1,000,000 of NOI a year.

The rent didn't change, but the value fell as the cap rate rose. A REIT that owns many such buildings can see its asset values fall in the same way.

Not every REIT reacts the same way

Lease length matters. Apartments and self-storage can lease month to month or for a year, so rents can reset faster. Net-lease properties with long, fixed leases change slowly. My guide to REIT sectors covers how property types differ.

How bonds react, for comparison

Investor.gov's bulletin on fixed income says "When market interest rates rise, prices of fixed-rate bonds fall." It adds that "Interest rate risk is common to all bonds," including Treasuries. REITs and bonds can both lose value when rates rise, for different reasons.

Are REITs a hedge against inflation?

Sometimes they can help, and sometimes they can hurt. Treat any claim that they always protect you with caution.

Inflation is a general rise in prices. The U.S. Bureau of Labor Statistics measures it with the Consumer Price Index, which it describes as "a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services."

How inflation can help

• Rents can rise. Short leases can reset to higher market rents. Some longer leases have built-in increases, sometimes tied to inflation.
• Replacement costs rise. When it costs more to build, existing buildings can become more valuable.

How inflation can hurt

• Costs rise too. Taxes, insurance, wages and repairs can climb faster than rent.
• Long fixed leases lag. A 15-year lease with small fixed increases can fall behind inflation.
• Rates often rise with inflation. That brings back the rate effects described above.

The result depends on the property type, the leases and the debt. No investment is a sure hedge.

How do REITs behave in recessions and bear markets?

A recession is a broad decline in economic activity. A bear market is a long, deep fall in stock prices. REITs aren't immune to either.

Tenants and occupancy

In a recession, some tenants struggle to pay, and some leave. Occupancy can fall. Hotels, whose "leases" are nightly stays, can feel a downturn quickly. Property types with long leases may feel it later, as leases end. Every type carries risk.

Dividend cuts

Because the 90% rule is based on taxable income, a REIT whose income falls may pay less. REITs can also cut dividends to save cash or pay down debt. Distributions are not guaranteed.

Listed prices can fall faster than buildings

A listed REIT's share price can fall far more, and faster, than the value of its buildings. Prices reflect fear and forced selling, not just rent. Investors who must sell in a downturn lock in those losses.

Non-traded REIT values can lag

Non-traded REITs don't trade on an exchange, so their share values come from periodic appraisals. The SEC's bulletin on non-traded REITs says "it can be difficult to determine the value of a share of a non-traded REIT," and that appraisals may be inaccurate or untimely. A smooth reported value doesn't mean the value didn't fall.

What this means for planning

The point of planning for downturns is not to predict them. It's to avoid being forced to sell. Work out with your financial professional how you would cover spending during a bad stretch without selling REITs at a low.

REITs vs. bonds vs. dividend stocks

These three are often compared as income sources. They are built very differently. The table compares structure and taxes, not returns.

What the table means

A bond is a contract. If the issuer pays, you know your income and when you get your principal back. A REIT is a company. Its income can grow, but it can also shrink, and no date returns your money.

So REITs and bonds don't do the same job, even when their yields look similar. Replacing bonds with REITs swaps a contract for a share of a business.

REIT ETFs, index funds and individual REITs

You can own REITs in several ways. Each changes your costs, your diversification and your workload.

How REIT ETFs work

An ETF, or exchange-traded fund, is a fund whose shares trade on an exchange. The SEC's ETF bulletin says "ETF shares are traded throughout the day on national stock exchanges and at market prices." It also notes that "the market price for ETF shares may be higher or lower than the ETF's NAV per share." NAV, or net asset value, is the value of the fund's holdings per share.

A REIT ETF holds many REITs, often by tracking a REIT index. The same bulletin says that "For an indexed-based ETF, the adviser seeks to track an underlying securities index."

Index funds

An index fund tries to match an index rather than beat it. Investor.gov says "Passively managed mutual funds, ETFs, and UITs are also called index funds." A UIT, or unit investment trust, is a fund with a fixed set of holdings. Investor.gov notes that passive management often means "lower fees and expenses than actively managed funds."

A REIT index fund can come as a mutual fund or an ETF. A mutual fund is bought from and sold back to the fund company at the day's NAV, rather than traded on an exchange during the day.

One caution about focus

A REIT fund owns many REITs, but only REITs. Investor.gov's asset allocation page warns that "a mutual fund or ETF won't necessarily provide diversification," especially if it is narrowly focused. A REIT fund spreads money across real estate companies. It doesn't spread it across the whole economy.

A tax detail for funds

A fund that holds REITs can pass the 20% deduction through to you. The IRS's Form 1099-DIV instructions tell funds to report "section 199A dividends paid by a RIC" in box 5. A RIC, or regulated investment company, is the tax name for a mutual fund or many ETFs.

Picking single companies

Buying individual REITs means doing the research yourself. You'd look at debt, occupancy, lease terms and how dividends compare with cash flow. My guide on how to evaluate a REIT walks through the measures analysts use.

Shares that don't trade on an exchange

Some REITs are registered with the SEC but not listed. Investor.gov warns that "Non-traded REITs are illiquid investments." Its bulletin on non-traded REITs says their fees "can represent up to 15 percent of the offering price." My guide to non-traded REITs explains how they differ.

How the options compare

A 1031 exchange lets you sell investment real estate and buy other real estate while deferring the tax. A DST, or Delaware Statutory Trust, is a trust that owns specific properties, and its interests can qualify as replacement property in a 1031 exchange. An accredited investor is someone who meets SEC income or net worth tests.

Which account should hold your REITs?

Where you hold REITs can change what you keep after tax. This section gives the outline. My REIT dividends guide has the details.

In a taxable account

You pay tax on dividends each year. Most of a REIT's dividend is ordinary income, but the ordinary part often qualifies for a 20% deduction under Section 199A. Some of the distribution may be capital gain or return of capital, which lowers your cost basis, your tax cost in the shares, instead of being taxed now.

In a traditional IRA or 401(k)

Dividends aren't taxed each year. Withdrawals are taxed later as income. You give up the 199A deduction and capital gains rates on that money.

In a Roth IRA

Qualified withdrawals generally aren't taxed. The type of dividend stops mattering.

What to weigh

Account choice depends on your tax brackets now and later, how much room you have in each account, and what else you hold. Many REIT dividends are taxed at ordinary rates in a taxable account, which is one reason people consider holding them in retirement accounts. But the 199A deduction is a point in favor of taxable accounts. Your CPA can run your numbers.

REITs for retirement income

Retirees often look at REITs for income. A few points are worth thinking through before relying on them.

Dividends are not a paycheck

A REIT dividend can change every quarter. It can rise, fall or stop. If a fixed bill depends on it, a cut can force you to sell shares at a bad time. Distributions are not guaranteed.

Required minimum distributions

If your REITs sit in a traditional IRA, the IRS sets a floor on what you take out. A required minimum distribution, or RMD, is in the IRS's words "the minimum amount you must withdraw from your account each year." You generally must start at age 73. The IRS says "You're not required to take withdrawals from Roth IRAs" while the owner is alive.

An RMD may force a sale in a down year if you don't hold enough cash in the account.

Income vs. total return

Some retirees spend only dividends. Others spend from total return, selling some shares as needed. Both can work, and both carry risk. Spending only dividends can push you toward higher-yield holdings, which may carry more risk. Selling shares in a falling market locks in losses.

Why there's no REIT "ladder"

A bond ladder is a set of bonds that mature in different years, so cash comes due on a schedule. REIT shares don't mature. You can't ladder them the same way. If you need cash on specific dates, REITs can't promise it, because the price on that date is unknown.

Questions to ask

• How much of my spending could I cover if REIT dividends fell for two years?
• Do I have cash or short-term assets to avoid selling in a downturn?
• Which account will I draw from first, and how will each be taxed?

REITs, rental property and DSTs: counting your real estate

If you own rental property or have done a 1031 exchange, that changes the REIT question a lot.

Your rentals already count

A rental house or apartment building is real estate. It may be a large share of your net worth. Adding REITs on top can raise your exposure to the same forces, such as rates and local economies, more than you intend.

REIT shares and tax-deferred exchanges

REIT shares are stock, so they can't be replacement property in a 1031. My guide on DSTs vs. REITs explains the difference in detail.

The 721 path into REITs

Some DSTs include a path into a REIT through a 721 exchange, a contribution of property to a partnership for an interest in it, which generally defers tax. The partnership is usually a REIT's operating partnership, which owns the REIT's buildings. Investors get OP units, which are partnership interests that usually track REIT shares. My 721 exchange guide explains the full path.

If you might hold OP units later, count them as REIT exposure in your plan. They behave much like REIT shares in value, and they can't be 1031 exchanged.

Spreading DST money

If your exchange money goes into DSTs, the concentration question moves to that part of your plan. My guide on how many DSTs to own covers splitting an exchange across sponsors, property types and regions.

I studied applied mathematics and applied statistics at Babson College, and you can read more about my background. Baker 1031 offers DSTs, some with 721 paths, but not REIT shares or REIT funds. If a DST fits the real estate part of your plan, you can review the DST offerings I currently have available.

A worked example: counting real estate before adding REITs

This is a hypothetical example with round numbers. It doesn't represent any person, fund or offering. The yields and price changes are made up for the math and aren't typical of any investment. It isn't a recommendation.

The starting point

Say an investor has:

• $900,000 in a broad U.S. stock index fund
• $450,000 in a bond fund
• $150,000 in cash
• A rental house worth $700,000, with no loan
• A $300,000 DST interest from an earlier 1031 exchange

Their total is $2,500,000.

Step one: find the hidden REITs

They check the stock fund's holdings list. Say listed REITs make up 2% of the fund. That's $18,000 of REIT exposure they didn't know they had.

Step two: add up real estate

Real estate is $1,018,000 of $2,500,000, or about 41% of this hypothetical investor's total. Most of that is two illiquid holdings, the rental and the DST.

That changes the question. This person's issue may not be "how much in REITs?" but "is this much real estate, in this form, right for me?" Only they and their financial professionals can answer that.

Step three: see what a REIT fund would do

Now say they consider moving $100,000 from the bond fund into a REIT index fund. Assume the fund pays a hypothetical 4% a year. That's $4,000 of income.

Now test the bad case. If the fund's distributions fell by a quarter, income would drop to $3,000. If its price fell 30% in a bear market, the $100,000 would be worth $70,000. If they needed that money in that year, they'd have to sell at the low.

Step four: see what rebalancing would mean

Say instead the REIT fund rises from $100,000 to $130,000 while everything else stays flat. If their written plan called for $100,000 in that fund, they would sell $30,000 to get back to plan.

In a taxable account, that sale could create a capital gain. In an IRA, it wouldn't create a current tax. That's one more reason account choice matters.

The point of this example isn't the numbers. It's the order. Count what you own first, then test the downside, then decide.

How to decide your REIT allocation, step by step

Here is a process to work through with a financial professional. It ends with a range you've chosen, not one I've chosen for you.

Step 1: List everything you own

Include retirement accounts, taxable accounts, cash, rental property, DST interests and any business you own. Look up the holdings of each fund.

Step 2: Add up your real estate

Count rentals, DSTs, REIT funds, individual REITs and any listed REITs inside broad funds. Note which pieces are liquid and which aren't.

Step 3: Name the job

Write down why you want REITs: income, real estate without landlord work, diversification or something else. If you can't name a job, you may not need more.

Step 4: Set your time horizon and risk tolerance

When will you need this money? How would you react to a 30% drop? Investor.gov's guidance on time horizon and risk tolerance is a good place to start.

Step 5: Choose the vehicle

Decide between a fund, single REITs or a non-traded REIT. Compare fees, liquidity and how much research you want to do.

Step 6: Choose the account

Decide whether the REITs belong in a taxable account, a traditional IRA or a Roth IRA. Ask your CPA.

Step 7: Set a range and a rebalancing rule

Pick a target range with your financial professional and write it down. Decide in advance when you'll rebalance.

Step 8: Review once a year

Life changes. So do markets and tax laws. Review your plan at least once a year and after big events like a sale, an inheritance or retirement.

How often should you rebalance?

Rebalancing means bringing your portfolio back to the mix you planned. Investor.gov says "To bring your portfolio back to its original asset allocation, you may need to rebalance your portfolio."

How often

Investor.gov says "Some financial experts advise rebalancing at regular intervals, such as every six or 12 months." It adds that rebalancing tends to work well when done relatively infrequently. FINRA's page notes there is no official timeline.

Why it helps

Investor.gov says that "rebalancing forces you to buy low and sell high." If REITs rise a lot, you trim them. If they fall, you add. That takes emotion out of the decision.

Watch the taxes

FINRA notes that selling in a taxable account can create capital gains tax. Rebalancing with new money, or inside a retirement account, can avoid that.

Mistakes to avoid when adding REITs

These are common errors. Each can cost money or add risk you didn't plan for.

1. Ignoring the real estate you already own. Rentals, DSTs and REITs inside index funds all count.
2. Picking a percentage from a headline. A number that fits someone else may not fit you.
3. Chasing the highest yield. A high dividend can be a sign of trouble, a payout funded by debt, or a cut on the way.
4. Comparing price charts instead of total return. REIT returns come largely from dividends.
5. Treating REITs as bond substitutes. They have no maturity date and no fixed income.
6. Assuming REITs always hedge inflation. Results depend on leases, costs and rates.
7. Holding REITs in the wrong account for your taxes. The 199A deduction and ordinary-income treatment both matter.
8. Buying a narrow fund and calling it diversified. A REIT fund spreads money across real estate, not across the economy.
9. Needing the money on a set date. Listed prices can be low on the day you sell. Non-traded REIT repurchases can be limited.
10. Never rebalancing. A position can drift far from your plan after a few strong or weak years.
11. Skipping fees. Fund expenses, commissions and non-traded REIT loads reduce what you keep.

Risks to weigh before adding REITs

REITs are securities, and you can lose money. Read the prospectus, including the risk factors, before you invest.

• Market risk. Listed REIT prices can fall sharply, sometimes more than the value of the buildings.
• Interest rate risk. Rising rates can raise borrowing costs and lower property values and share prices.
• Dividend risk. Distributions are not guaranteed. They can be cut or stopped, and some may be a return of your own capital.
• Leverage. Debt magnifies losses and can force sales or dividend cuts.
• Sector and tenant risk. Some property types and tenants are hit harder in downturns.
• Liquidity risk. Non-traded REITs can limit or suspend repurchases. DSTs are illiquid until the property sells.
• Fee risk. Fees reduce returns, especially in non-traded REITs.
• Valuation risk. Non-traded REIT values come from appraisals that can lag.
• Concentration risk. Too much real estate, from any source, ties your results to one part of the economy.
• Tax-law risk. The tax rules described here reflect current law and can change.

What my data shows

My records track DST offerings, not REITs. But a DST is often the other half of a 1031 investor's real estate mix, and many DSTs connect to REITs. Here is what my offering records as of October 2026 show, across 76 DST offerings from 38 sponsors. These figures describe the offerings I track. They aren't a forecast or a promise about any future offering.

Many DSTs lead to REIT units

In my offering records as of October 2026, 44 offerings (58%) include an optional 721 exit into a REIT's operating partnership, and 13 (17%) make it mandatory. Another 17 (22%) have no 721 path, and 2 are unclear.

So a DST investor can end up holding REIT exposure through OP units, sometimes without choosing it at that moment. If you're building a portfolio plan, count that possibility.

Property types in the offerings I track

A REIT fund may hold many property types across many markets. Many DSTs hold one property type, often in one market. In my offering records as of October 2026, locations span 33 states; the most common are Florida (14), Texas (13), North Carolina (8), Georgia (7). If you want broad real estate exposure from DSTs, you generally have to build it across several offerings.

DSTs are long, illiquid holds

In my offering records as of October 2026, a 10-year projected hold is the most common, at 31 offerings. The median minimum investment is $100,000, ranging from $25,000 to $500,000. A listed REIT fund can be sold on any trading day. That difference belongs in your liquidity plan.

Frequently asked questions

How much of my portfolio should be in REITs?

There's no single right percentage. The answer depends on your goals, time horizon, risk tolerance, taxes and the real estate you already own, including rentals and DSTs. Work out a range with a financial professional and write it into your plan.

Have REITs done better than the S&P 500?

It depends on the period, and past results don't predict future ones. A fair comparison uses total return with dividends, the same dates, and accounts for taxes, fees and any overlap between the two. Check a fund's prospectus or shareholder report for its own past returns.

How do REIT ETFs work?

A REIT ETF is a fund that holds many REITs and trades on an exchange during the day at a market price. Many track a REIT index and charge an annual fee. It spreads money across real estate companies, but not across the whole economy.

How do rising interest rates affect REITs?

Rising rates can raise REIT borrowing costs, make bonds more attractive to income investors and lower property values through higher cap rates. The effect varies with each REIT's debt, lease lengths and property types. None of these effects is certain.

Are REITs a good hedge against inflation?

Sometimes, but not reliably. Rents on short leases can rise with inflation, while costs, long fixed leases and rising rates can work against REITs. Results depend on the property type, the leases and the debt.

Can REITs replace bonds for income?

They do a different job. A bond pays set interest and returns principal at maturity if the issuer pays, while a REIT's dividend can change and its shares have no maturity date. Swapping one for the other changes your risk.

Should REITs go in an IRA or a taxable account?

It depends on your tax brackets and what else you hold. In a taxable account you can use the 20% Section 199A deduction, while a traditional IRA defers tax but taxes withdrawals as income. Your CPA can compare the two for you.

Do REITs cut dividends in recessions?

They can. A REIT's required payout is tied to taxable income, so falling rents can lower dividends, and a REIT may also cut to save cash. Distributions are not guaranteed.

Does my rental property count toward my real estate allocation?

Yes, it's real estate exposure, and often a large one. Count rentals, DSTs and any REITs inside your funds before you add more. The total may be larger than you expect.

How often should I rebalance REIT holdings?

Investor.gov notes that some experts suggest every six or 12 months, and that infrequent rebalancing tends to work well. Pick a schedule or a drift limit in advance and stick to it. In a taxable account, watch for capital gains when you sell.

Before you act

This guide is for education only and isn't tax, legal or investment advice. It doesn't recommend any allocation, REIT, fund or offering. Confirm decisions with your financial professional and CPA, and with your attorney and your qualified intermediary (the independent company that holds sale proceeds during a 1031 exchange) if one is involved. All investments carry risk, including loss of principal; diversification does not guarantee a profit or protect against loss. Securities are offered through Aurora Securities, Inc., member FINRA/SIPC.

Sources

• Investor.gov, Asset Allocation and Diversification
• FINRA, Asset Allocation and Diversification
• Investor.gov, Real Estate Investment Trusts (REITs)
• Investor.gov, Investor Bulletin: Non-traded REITs
• Investor.gov, Updated Investor Bulletin: Exchange-Traded Funds (ETFs)
• Investor.gov, Glossary: Passive fund / passively managed fund
• Investor.gov, Investor Bulletin: Fixed Income Investments — When Interest Rates Go Up, Prices of Fixed-Rate Bonds Fall
• U.S. Bureau of Labor Statistics, Consumer Price Index
• 26 U.S.C. § 857, Taxation of real estate investment trusts and their beneficiaries (Cornell LII)
• 26 U.S.C. § 199A, Qualified business income (Cornell LII)
• IRS, Instructions for Form 1099-DIV
• IRS, Retirement topics: Required minimum distributions