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Who pays real estate taxes and other related expenses on estate property before distribution is made to the heirs?
The debts of the decedent must be paid by the estate before distribution can be made. If there isn't enough cash the property must be sold to satisfy creditors. To save the real estate heirs often get together and pay any outstanding debts in order to inherit clear title to the RE. YOu should discuss it with the attorney who is handling the estate.
What else can I help you with?
What is matching principle of accounts?
The matching principle refers to matching related income and expense items in the same accounting period. For example, if you had a store and had a big sale event on the last day of the month, and recorded all the income for that day, you would also want to make sure you accrued all the expenses related to the event (advertising, etc.) even though some of those expenses might not be paid until the following month. Similarly, if you had paid any expenses in the month before the sale, you would want to defer those expenses and call them "prepaid expenses" until the month of the sale.
What is Principles of account?
The matching principle refers to matching related income and expense items in the same accounting period. For example, if you had a store and had a big sale event on the last day of the month, and recorded all the income for that day, you would also want to make sure you accrued all the expenses related to the event (advertising, etc.) even though some of those expenses might not be paid until the following month. Similarly, if you had paid any expenses in the month before the sale, you would want to defer those expenses and call them "prepaid expenses" until the month of the sale.
What is annual gross profit?
Profit before expenses
Is legal expense an admin expense?
Legal expenses is not an admin expenses since legal expenses ararise due to legal issues of the organization. legal expenses are not recurring expenses by nature. Example of legal expenses are feees paid to the professional to represent the legal issues before the competent authority.
Are property taxes taken out of ebitda?
No, property taxes are not taken out of EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization). EBITDA focuses on a company's operational performance by excluding interest, taxes, and non-cash expenses like depreciation and amortization. Therefore, property taxes, which are considered an operating expense, would typically be factored into net income but not into EBITDA calculations.
Can you deduct expenses incurred before formally beginning a business?
Certainly - If one is able to establish that expenses were related to the business
Can my deceased father's beneficiary who has dementia let her power of attorney not help pay for funeral expenses?
Your father's estate is responsible for paying the funeral expenses from his assets. The expenses and debts of the estate must be paid before any distribution is made to any of the beneficiaries. Therefore the funeral expenses must be paid before the beneficiary receives her portion from the estate.
What are the necessary steps for fixing up expenses prior to the sale of a home?
The necessary steps for fixing up expenses before selling a home include assessing the property for repairs, making necessary repairs and improvements, decluttering and staging the home, and setting a budget for these expenses.
Can a property bought before marriage with a brother be protected if a divorce were to happen all expenses and loan payments were paid by the two brothers?
If you get a written agreement.
What are the most important investment property questions and answers to consider before purchasing a property?
Before purchasing an investment property, it is crucial to consider questions such as the property's location, potential rental income, expenses, market trends, and your long-term investment goals. Conducting thorough research, seeking professional advice, and evaluating the property's potential for appreciation can help make an informed decision.
Have you claimed any deductions in prior tax years that were related to expenses incurred months ago?
Yes, I have claimed deductions in previous tax years for expenses that were incurred months before filing my taxes.
How is capital gains tax calculated on real estate?
Capital gains tax on real estate is calculated by subtracting the property's purchase price and any related expenses from the selling price, resulting in the capital gain. This gain is then subject to a tax rate based on how long the property was held before selling, with lower rates for long-term holdings.
What are the college expenses before enrolling?
some expenses include applicaton fees and traveling expenses.
Is the executor fees calculated after funeral expenses or before?
After funeral expenses
How to evaluate a rental property effectively?
To evaluate a rental property effectively, consider factors such as location, rental income potential, expenses, property condition, and market trends. Conduct a thorough analysis of the property's financials, compare it to similar properties in the area, and consider potential risks and returns before making a decision.
What are the child expenses covered under Publication 503?
Child expenses covered under Publication 503 include costs related to dependent care services necessary for parents or guardians to work or attend school full-time. This can include expenses for daycare, preschool, and before or after-school care.
What is preoperative expenses?
Incurred expenses before company formation after commencement of business
