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If an estate property requires significant repairs who pays for them the estate or the person inheriting the property?
Wiki User
∙ 14y ago
The executor is responsible for maintaining the value of the estate. That includes insuring that repairs and maintenance are done on the property. Until the property is transferred to the inheritor, it is the responsibility of the estate.
Wiki User
∙ 14y ago
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that means you have to pay for it
Should you decrease your asking price on home when repairs need to be made?
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Who is responsible for the home repairs when in a reverse mortgage?
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Can a buyer of real estate property place a lien for repairs to property prior to the closing date?
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Is the mortgage of a rental house considered a business expense?
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Who is entitled to property depreciation after repairs owner or contractor?
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Can you depreciate painting your building?
Repairs, such as repainting the residential rental property, are currently deductible expenses. A repair keeps your property in good operating condition. It does not materially add to the value of your property or substantially prolong its life. Repainting your property inside or out, fixing gutters or floors, fixing leaks, plastering, and replacing broken windows are examples of repairs. If you make repairs as part of an extensive remodeling or restoration of your property, the whole job is an improvement. In that case, you should capitalize and depreciate the repair costs as the same class of property that you have restored or remodeled as discussed above. For more information, refer to Publication 527, Residential Rental Property, and Publication 946, How to Depreciate Property.
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Mother Nature would be the liable party, Unfortunately, she does not carry insurance. If your property is insured, Then your property Insurance Policy will cover the cost of damage repairs.
DO I QUALIFY FOR A FREE GRANT FOR REPAIRS ON MY PROPERTY THEY DID NOT REPLY. JUST TOOK MY CREDIT CARD NUMBER!!!IS THIS A SCAM?
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