1) An abbreviation for "That Hoe Over There". Thot's usually are seen as dressing rather provocatively and posting photoshopped to death pictures to their Instagram or SnapChat. They live in Doc Marten's, Calvin Klein underwear and current popular "trendy" clothing. Personality wise, they believe they are above every other living thing and refuse to label themselves out loud as a thot (even though they know it deep down).
2) In more recent times, thot is short for "That Hoes Owes Taxes" following the #Thotaudit movement of people trolling IRL female streamers (commonly known as: tiddy streamers) by reporting them to the IRS and accusing them of not paying taxes.
1) Guy 1: "I met this girl a few days ago and we've been chatting a bit; she's super cool"
Guy 2: "what's her name? I wanna see"
*find her Instagram*
Guy 2: "she's basically naked in all of these and has all her ex's handles tagged on here tits and buttcheeks... she's a total thot; stay away"
Guy 1: "yeah fuck that"
2) That guy: "such and such is live on twitch doing squats for subs"
That other guy: "surely we report her for some sweet cash. Thot"