An investment that does not qualify for any level of tax-deferred or tax-exempt status. Investments of this sort are made with after-tax money. They are purchased and held in tax-deferred accounts, plans or trusts. Returns from these investments are taxed on an annual basis.

Some examples of investments that do not usually qualify for tax-exempt status are antiques, collectibles, jewellery, precious metals and art. Other investments that may not qualify for any sort of tax precedence are stocks, bonds, REITs and any other traditional investment that is not bought under a qualifying investment plan or trust.