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Equitable interest and legal interest?
Equitable interest refers to a person's right to benefit from a property, in contrast to legal interest which refers to the actual ownership of the property. Equitable interests arise from equitable principles and may include rights like a beneficial interest under a trust. Legal interests are recognized by law and provide clear ownership rights over a property.
Your son is going to take over paying your mortgage Can he deduct the interest on his taxes Does his name have to be on the loan the title both or neither?
Again - he can't just pay a mortgage on anyones house and claim the deduction...it has to be his residence. Then if he is paying it, on the title or not, there are court cases saying that basically he paid the interest to you and you paid the mortgage. But again...you better be able to prove it is his home.An interest deduction is generally not allowed if the taxpayer's liability is not primary and direct.. There is an exception to this general rule that allows a taxpayer to deduct interest he pays on a mortgage if he is the legal or equitable owner of the property, even though he is not directly or personally liable on the bond or note secured by the mortgage. The effect of this exception is to permit the deduction of interest in situations when the taxpayer-borrower is not personally liable on a mortgage of property that is used as security for a loan made to the taxpayer. The Tenth Circuit has stated that the concept of equitable title to realty for this purpose is generally limited to two situations: when legal title to property is held by a trustee, in which case equitable title is said to be in the beneficiary; and when real estate has been sold under a contract for deed with legal title retained by the seller until the purchase price is totally paid, in which case its purchaser is said to be the equitable owner during the payoff period.
Are Laws are classified as procedural and equitable?
No, laws are not procedural or equitable
When was Palais Equitable created?
Palais Equitable was created in 1891.
When was Scottish Equitable created?
Scottish Equitable was created in 1831.
If a Cosigner pays all of the the Home Equity Loan monthly payments does the Primary Signatory then get to claim the tax deduction on the interest paid or does the Cosignatory get such tax deduction?
You cannot claim a deduction for something you did not pay. If the primary signatory did not pay the interest, then this person does not get to deduct it. In order to claim a non-business/non-investment deduction for interest, the person claiming the deduction must (among other things) be the legal or equitable owner of the property. Usually, the cosignor is not the legal or equitable owner of the property, hence the cosignor cannot claim an interest deduction.
To deduct mortgage interest do you need to be on the loan or the title?
Certainly on the loan, for property you occupy. An interest deduction is generally not allowed if the taxpayer's liability is not primary and direct.. There is an exception to this general rule that allows a taxpayer to deduct interest he pays on a mortgage if he is the legal or equitable owner of the property, even though he is not directly or personally liable on the bond or note secured by the mortgage. The effect of this exception is to permit the deduction of interest in situations when the taxpayer-borrower is not personally liable on a mortgage of property that is used as security for a loan made to the taxpayer. The Tenth Circuit has stated that the concept of equitable title to realty for this purpose is generally limited to two situations: when legal title to property is held by a trustee, in which case equitable title is said to be in the beneficiary; and when real estate has been sold under a contract for deed with legal title retained by the seller until the purchase price is totally paid, in which case its purchaser is said to be the equitable owner during the payoff period.
Does a contract for deed constitute legal or equitable title?
Equitable.Equitable.Equitable.Equitable.
What is the meaning behind the word equitable?
The word equitable is commonly defined as dealing fairly and equally with all concerned. An example of the word equitable in a sentence would be "The court made a very equitable decision".
Underwriting process calls for the applicant to be able to prove an insurable interest?
At the time of Application
What the different between equitable fee simple and legal fee simple?
Fee simple usually means you have a deed reciting full ownership of the appurtenant rights in the property. Equitable title means you only have a contract right to sue for specific performance (in equity) to obtain the property deed. In other words, fee simple is the deed, and equitable title is the right to obtain the deed in court.Other Perspectives:If the town takes your property for failure to pay your property taxes you have an equitable interest until your rights of redemption have been barred by a court decree. If you pay your delinquent taxes before a decree is entered your fee ownership will be restored.Suppose your mother died owning a home and you are her only heir. She left the property to you by her will. Until her will is probated you only have an equitable interest in the property and not a fee simple interest. In order for you to acquire legal title, a fee simple, her estate must be probated.
What is the meaning of equitable?
Possessing or exhibiting equity; according to natural right or natural justice; marked by a due consideration for what is fair, unbiased, or impartial; just; as an equitable decision; an equitable distribution of an estate; equitable men., That can be sustained or made available or effective in a court of equity, or upon principles of equity jurisprudence; as, an equitable estate; equitable assets, assignment, mortgage, etc.
