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Who is reasonable for taxes and up keep to a life estate deeded home?
Wiki User
∙ 15y ago
I need to know this answer plaese... Family trying to sale everything out form under us and need to know if we can afford the house.. It depends on the terms of the life tennancy...if she was to pay the tax and maintain the property as long as she exercised the tennancy (generally how they are writen)...then she pretty much has to....if she doesn't want the tennancy anymore, she can give it up to the remainderman, (who presumably then gets all ownership and rights to use) and he would be responsible.
Wiki User
∙ 15y ago
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When buying a home what are the real estate taxes that must be paid at closing?
When buying a home the real estate taxes that must be paid at closing are typically that of the interest tax for the state as well as what it known as the closing costs.
If you rent a home do you pay school taxes?
No, you don't directly pay real estate taxes when you rent a home. You don't receive an assessment notice from the local assessor and get the tax bill. However, you do pay real estate taxes indirectly in your monthly rent. Real estate taxes, insurance, maintenance, and other costs are taken into consideration by landlords when they determine the amount of rent they need. Luckily there is also competition from other available rental units, so the landlord can't ask too much in rent.
What can I claim from my home on federal taxes?
Can I claim my home inspection invoice for a home I just purchased as a deduction on my federal taxes No. Virtually none of your home purchase costs, like the costs of anything you buy for your own use, are deductible. If you were to be buying it as a pure real estate investment, say to rent, then it may be capitialized and recaptured on sale. Of course, you wouldn't hve any of the advantages during ownership that are given to home owners.
What will happen to your taxes when you own a home?
I think you can deduct your property taxes and the interest on your mortgage!
What will happen to your income taxes when you own a home?
I think you can deduct your property taxes and the interest on your mortgage!
Can the Owner get deeded house back?
The owner of a deeded home can get the home back if the home is in his or her name. The taxes must be paid on a deeded home in order for it be a clear deed.
You deeded your home to your children and retained a life estate can they sell the home if you agree and sign off?
Yes. If you join in the deed by signing it with language added that you are releasing your life estate the property can be sold free and clear of your life estate.
What type of tax must be paid if owning a home?
Property taxes or real estate taxes on the home that is owned.
What is real estate taxes?
In Michigan if there is delinquent taxes on a home and property and an outsider pays the taxes do they take over title to the home and property.
Can a lien be placed on a home deeded with lifetime rights?
Yes, they can place a lien. The property still has value and the life estate doesn't effect that.
Can an executor fix home with estate funds?
If the home is a part of the estate, they certainly may do so. The executor is responsible for all the assets of the estate. That would include reasonable repairs to a home.
Are state home taxes deductible on federal income taxes?
Yes. Schedule A is Itemized Deductions. The second section is Taxes You Paid. Real estate taxes on your home are deducted on line 6.
When buying a home what are the real estate taxes that must be paid at closing?
When buying a home the real estate taxes that must be paid at closing are typically that of the interest tax for the state as well as what it known as the closing costs.
What are the consequences of selling your mothers house which is becoming a financial burden as deeded owners with a life estate in place while she is still living but in a nursing home and you are th?
Do you have Power of Attorney for her? If not, consult a real estate attorney. Something can be worked out.
Where to find real estate taxes online?
I'm not sure that I understand the question. Are you asking about property taxes? If so, property taxes vary depending on location, size of home, lot size, etc. real estate websites with properties currently on the market usually provide an idea of the property taxes the home owner can be expected to pay.
If a spouse dies and the home was grant deeded to him who gets the home?
It depends on whether there was a will disposing of the real estate. It goes to whoevever is named in the will to have it. If the husband died without a will (intestate), the real estate passes according to state law for intestate succession, which is usually to the surviving spouse and children in (not necessarily equal) shares.
What is the real estate term for overbuilding a home?
A situation in a given area where there has been more real estate construction than the market can absorb within a reasonable time.
