Copy your original object/text (Ctrl-J or Cmd-J or drag to new layer icon)
Flip item on new layer vertically (Edit>transform>Flip vertical)
Position accordingly (You may have to use the warp tool for objects/texts with a non-horizontal edge on the bottom)
Fade your reflection (create a Layer Mask- see photo to leftt) use a white to black gradient. Make sure you click on the layer mask icon.
Drag gradient across the reflection layer and edit/re-drag as desired
If needed, lower the reflection layer opacity
Don't have Photoshop? You can have a lot of fun at the following sites creating reflections and more!
And I thought my cat was weird.