Tax

Have a Tax Question? Ask a Tax Expert

Ask an Expert,
Get an Answer ASAP!

Tax

CAN A LIFE ESTATE OWNER RENT THE PROPERTY. TEXAS. In Texas,

Customer Question
CAN A LIFE ESTATE...

CAN A LIFE ESTATE OWNER RENT THE PROPERTY

Accountant's Assistant: Because laws vary from place to place, can you tell me what state the property is in?

TEXAS

Accountant's Assistant: Has anything been filed or reported?

No

Accountant's Assistant: Anything else you want the lawyer to know before I connect you?

In Texas, can I defer the annual taxes (at 8%) and have the remainerman pay 1/2 of taxes at closing?

Submitted: 5 months ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 2 minutes by:
9/6/2017
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 5 months ago
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 13,530
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
Verified

Hi My name’s Lane - I hold a law degree (J.D.), with concentration in Tax Law, Estate law & Corporate law, an MBA in finance, a BBA, and CFP & CRPS (Chartered Retirement Plans Specialist) designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice 1986.

If you’ll please bear with me for a minute I’ll type up my initial response, and then we can go from there if you have further questions on this.

Ask Your Own Tax Question
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 5 months ago

A life estate is an ownership interest in a piece of property,that lasts for the life of a named person, but ends on that person’s death.

...

The person that holds a life estate (the life tenant), has the right to do anything with the property that a full owner could do during his or her life. He or she need not live in the property and use it as his or her home, but can rent it out full or part time or even sell the life interest in the property.

...

The rental \ can’t be for a time longer than the life of the life tenant, since the life tenant only owns an interest during his or her life.

...

The holder of the life estate is responsible for paying all taxes, maintaining the property in good repair, and not permitting it to suffer any "waste" or other damage. As long as the life tenant fulfills these duties, the remaindermen have no cause of action BUT cannot be made to pay taxes or bear any burden of ownership OTHER than the requirement that both life tenant AND remaindermen must all agree to any sale.

Ask Your Own Tax Question
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 5 months ago

Should have said " both life tenant AND remaindermen must all agree to any [outright] sale of the property. The life tenant CAN sell his/her life interest.

...

.

Please let me know if you have ANY questions at all, before rating me.

If this has helped, and you DON’T have other questions … I'd appreciate a positive rating (using the stars or faces on your screen, and then clicking “submit")

I hope that you’ll rate me based on my accuracy and thoroughness, rather than any good news/bad news content.

That’s the only way JustAnswer.com will compensate me for the work here.

Thanks,

Lane

Ask Your Own Tax Question
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 5 months ago

Hi, Lane here again.

...

I’m just checking back in to see how things are going.

...

Did my answer help?

...

If this has helped, and you DON’T have other questions … I'd appreciate a positive rating, using the stars or faces on your screen, and then clicking “submit" – You may need to scroll up to see the stars.

...

But if you need more on this, please let me know.

Lane

Ask Your Own Tax Question
Was this answer helpful?
Ask Lane Your Own Question
Lane
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 13,530
13,530 Satisfied Customers
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986

Lane is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,312 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,362 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

Robin D.

Robin D.

Senior Tax Advisor 4

14,120 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,652 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

R. Klein, EA

R. Klein, EA

Enrolled Agent

1,839 satisfied customers

Over 20 Years experience

< Previous | Next >

Related Tax Questions
Our club which is incorporated and non-profit received a
Our club which is incorporated and non-profit received a 1099-MISC for grant money we received. I am not sure what to do with it. … read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
742 satisfied customers
USA Tax question: I did some volunteer work in a non-profit
USA Tax question: I did some volunteer work in a non-profit hospital in 2016 but forgot to claim cost of transportation on my 2016 tax returns. Can I claim them in 2017 tax return ? how? addendum?… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
1,374 satisfied customers
With the new laws on property taxes etc kindly advise 1.
With the new laws on property taxes etc kindly advise1. What is the limit u can deduct for property taxes per year2. What happens if u own two houses in two different states .... can u deduct both pro… read more
Lane
Lane
JD, CFP, MBA, CRPS
13,530 satisfied customers
Is there a strategy to curb the tax burden on gains made in
Is there a strategy to curb the tax burden on gains made in my taxable retirement account? I recognize that ideally this should Happen in my 401K or IRA but I've had about 6% gains that I appreciate b… read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
742 satisfied customers
Are non resident aliens taxed at the same rates? Are there
Are non resident aliens taxed at the same rates? Are there certain credits/deductions NRAs cannot receive? I notice if I prepare a return both ways, the resident receives a larger refund.… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
1,374 satisfied customers
Trying to determine the tax status of a non profit group. We
trying to determine the tax status of a non profit group … read more
Lane
Lane
JD, CFP, MBA, CRPS
13,530 satisfied customers
Thanks. We are a non profit church and we have a member who
We are a non profit church and we have a member who want us to return his contributions for 2011, 2012, 2013, 2015. He has financial hardship last year and we willingly gave him back his contributions for 2017 and 2016. … read more
Lane
Lane
JD, CFP, MBA, CRPS
13,530 satisfied customers
Are religious (church) non-profits required to file state
Are religious (church) non-profits required to file state and federal taxes annually? … read more
Lane
Lane
JD, CFP, MBA, CRPS
13,530 satisfied customers
As per the new tax law, the property tax deductions of 10000
As per the new tax law, the property tax deductions of 10000 is it per property or per tax payer per property?If both wife and husband file together can they claim 20000 towards one property or just 1… read more
Lane
Lane
JD, CFP, MBA, CRPS
13,530 satisfied customers
I currently run a non-profit corp in Illinois and we have
Good afternoon, I currently run a non-profit corp in Illinois and we have been considering expanding into housing. Our goal is to purchase an apartment complex and help low-income families in our area… read more
Lane
Lane
JD, CFP, MBA, CRPS
13,530 satisfied customers
Non-for-Profit initiated "Call for Projects" initiative from
Non-for-Profit initiated "Call for Projects" initiative from which NFP picked 15 submissions and provided artistic support and fund for each of the 15 artists that were picked (grants). Should NFP iss… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Interested in information about new tax laws and their
Interested in information about new tax laws and their effect on S Corporations … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
The 2018 tax law will allow homeowners to deduct property
The 2018 tax law will allow homeowners to deduct property taxes and either income or sales taxes with a combined limit on these deductions being limited to no more than $10,000. What does this mean? w… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
14,120 satisfied customers
If we wish to start a non profit thrift store do we have to
If we wish to start a non profit thrift store do we have to have all paperwork in place and approved before the store can operate? … read more
Lane
Lane
JD, CFP, MBA, CRPS
13,530 satisfied customers
Assuming a Medicare tax rate of 1.45% and monthly gross
Assuming a Medicare tax rate of 1.45% and monthly gross wages of $2,500, the amount recorded in Medicare Tax Payable for one quarter for the employee's payroll deduction is… read more
taxmanrog
taxmanrog
Master\u0027s Degree
822 satisfied customers
I am considering filing as an Non-Profit for the tax
i am considering filing as an Non-Profit for the tax advantage but do not know that it would work for me. I am just using this as a tax shelter as I will be owing lots more money in taxes as a single … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
14,120 satisfied customers
Do you know non profit tax law? California. The 501(c) 3 has
Do you know non profit tax law? JA: Can you tell me where the nonprofit is registered? Customer: California JA: Has anything been officially filed? If so, what? Customer: The 501(c) 3 has existed sinc… read more
Lane
Lane
JD, CFP, MBA, CRPS
13,530 satisfied customers
Do you have knowledge on tax laws regarding non profit
Do you have knowledge on tax laws regarding non profit donations and so forth? … read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
1,374 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x