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The fee owner unless those issues are set forth in the document that created the life estate.

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6y ago
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9y ago

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Q: Who is responsible to pay taxes and capital expenses when there is a life estate on a property?
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Can you be reimbursed for property taxes from estate?

If the property is in the estate, the estate is responsible for them. You are entitled to be reimbursed if you have paid them for the estate. Submit your claim to the executor.


How do you collect expenses from siblings after sale of inherited house?

The estate of the owner must be probated in order for title to the real estate to pass to the heirs, or, for an estate representative to convey legal title to any buyer. When the estate is probated the court will appoint an Executor if there is a will or an Administrator if there is no will. The court will issue Letters Testamentary or Letters of Administration. Those letters give the estate representative the authority to settle the estate according to the provisions in the will or/and the state probate laws, under the supervision of the court. The debts of the estate must be paid before any property or proceeds from a sale can be distributed to the heirs. In the case of an Executor, the real estate can be sold only if that power was granted in the will or by a license issued by the court. An Administrator must obtain a license to sell from the court. Since the estate representative has the power and authority to sell the real estate, and the authority over the estate, there should be no question regarding how to 'collect expenses' after the sale of the property. The expenses should be deducted before the proceeds are distributed. If the Executor or Administrator has distributed the proceeds prematurely, they must get funds back to pay the expenses or they will be personally responsible for paying those expenses due to their mishandling of the estate. Remember, the debts of the estate must, by law, be paid before any property can be distributed. If the house was sold by the heirs after the estate had been settled in probate, the proceeds should not have been distributed by the sibling who represented the family in the sale until the expenses were deducted. The person who handled the sale will be held personally responsible for paying the expenses incurred by the sale and they may have to sue their siblings for reimbursement.


Do you have to pay capital gains taxes on an inherited property that was sold and inheritance taxes were already paid on the estate?

On the amount the property went up in value from the value used in calculating the estate tax


What can be billed to a deceased's estate?

Expenses of administration. Attorney fees, storage costs, court costs, mileage, executor or administrator's fees, costs of sale of property, etc.


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.

Related questions

Is a surviving family out of state responsible for medical expenses?

No, but the estate the deceased left may be responsible for these expenses.


Is an executor responsible for anything missing from an estate property?

The executor has the responsible to maintain the estate. That includes keeping the property safe.


Who is responsible for Burial Expenses in PA?

The estate is responsible for the burial expenses. The Funeral Home may also hold anyone who signed the agreements responsible.


Who is responsible for registering property left in a will?

The executor or administrator of the estate is responsible for transfers of property.


Can you be reimbursed for property taxes from estate?

If the property is in the estate, the estate is responsible for them. You are entitled to be reimbursed if you have paid them for the estate. Submit your claim to the executor.


Is the estate of the deceased responsible for funeral expenses in Michigan?

Yes, the estate is responsible for the funeral. Once all debts are resolved, then the remainder can be distributed.


Is a remainder man of an estate required to pay property taxes for the property?

Once they have inherited the property, yes. Until then the estate is responsible.


Is the estate of the deceased responsible for funeral expenses in NY State?

Yes, funeral expenses are a valid debt to the estate. The estate has to pay off the debts including funeral expenses. If the estate cannot do so, they distribute as best they can. If the court approves the distribution, the debts are ended.


What is the difference between capital expenses and operating expenses?

Operating expenses as they relate to real estate are typically the day to day costs necessary to operate the property to the intended use (i.e. real estate taxes, insurance, utilities, repairs and maintenance, etc). Capital expenses are for items that generally have a useful life beyond one year (i.e. cost to replace roof, re-paint exterior, re-pave parking area, etc).


If your mother dies and leaves no estate are her children responsible for paying her creditors?

A decedent's estate is responsible for payment of the debts. If there is any property in the estate, the debts must be paid before any property can be distributed to the heirs. If there is no property the creditors are out of luck.


Who is responsible for expenses while a home is in probate?

The estate is responsible for paying the debts and the estate representative, appointed by the probate court, is responsible for paying the debts from the estate.The estate is responsible for paying the debts and the estate representative, appointed by the probate court, is responsible for paying the debts from the estate.The estate is responsible for paying the debts and the estate representative, appointed by the probate court, is responsible for paying the debts from the estate.The estate is responsible for paying the debts and the estate representative, appointed by the probate court, is responsible for paying the debts from the estate.


If an estate property requires significant repairs who pays for them the estate or the person inheriting the property?

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.