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What is the name of your state? Missouri
Hello,
I posted this question originally in Real Estate Law, but was told to place here so, here goes:
Help! Real Estate Taxes Possessory Tenant
My evil-stepmother-in-law received a life estate in my FIL's house, but is required to maintain, pay inusurance and not co habitate. Insurance on the house is about $2,800 annually and real estate taxes are about $2,500 anually. The question is: who can take credit for the taxes on their real estate> The tenant does not own the house, but is required to pay the erxpense. My BIL and wife are the remainerman. They want to offer to buy her out for, but are unsure about the tax issue.
Thanks!
Mike
Hello,
I posted this question originally in Real Estate Law, but was told to place here so, here goes:
Help! Real Estate Taxes Possessory Tenant
My evil-stepmother-in-law received a life estate in my FIL's house, but is required to maintain, pay inusurance and not co habitate. Insurance on the house is about $2,800 annually and real estate taxes are about $2,500 anually. The question is: who can take credit for the taxes on their real estate> The tenant does not own the house, but is required to pay the erxpense. My BIL and wife are the remainerman. They want to offer to buy her out for, but are unsure about the tax issue.
Thanks!
Mike