This Note provides an overview of the US federal income tax requirements that must be satisfied to achieve real estate investment trust (REIT) status. It also discusses the different types of REITs, typical tax structures for REIT investments, the benefits of REIT status, the use of taxable REIT subsidiaries, REIT spin-offs, transfers and mergers, withholding tax issues for REITs, and the taxation of foreign investors in REITs.