What are the fiscal responsibilities of tenants in common?

[wayne1935]

What is the name of your state (only U.S. law)?

 

[justalayman]

that would all depend on what they agreed to.

 

[tranquility]

If no agreement, "profits" (whatever that means) must be shared and the tenants cannot commit "waste".

 

[wayne1935]

that would all depend on what they agreed to.

Thanx for the info, justalayman.

They have talked about various issues for several years but they can't seem to agree on anything. The only signed agreement they've had is for defined time slots the past 2 years and as things stand now my wife isn't even going to do time sharing next season.

 

[wayne1935]

If no agreement, "profits" (whatever that means) must be shared and the tenants cannot commit "waste".

Thanx, tranquility.

In 2009 and 2010 my wife's sister rented the property and never did share the income. In 2010 there was a rental contract signed by my wife but nothing was shared and there was no accounting of what she did with the income. In 2011 and 2012 my wife in effect signed away her right to share the income by agreeing to exclusive (or otherwise)use during certain times.

It has gotten to the point where the can't agree on phone expense. There is a landline that my wife has wanted to get rid of for years since our cell phone works fine at the lake property. Her sister insists she needs the landline and that my wife should pay for half the cost. My suggestion to my wife is that if her sister needs or wants the landline it is her expense (the sister has one of these Verizon pay as you go phones for 99 cents per day if used and some fee/minute).

 

[tranquility]

I put "profits" in quotes because what that means varies through the states. Look up to see if rents are considered profits in your state. I do know "profits" does not equal "income". However, if one party gives possession to the other party, it is unlikely that "profits" would be the rental income from renting out that possession to others.