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Who pays the property taxes on a life estate? California.

Customer Question
Who pays the property...

Who pays the property taxes on a life estate?

Accountant's Assistant: What state are you in? It matters because laws vary by location.

California

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

Not yet I am a real estate broker. Its on a farm the seller will retain a Life Estate on the home and shops but not the farmland.

Submitted: 5 months ago.Category: Tax
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11/25/2017
Tax Professional: Barbara, Enrolled Agent replied 5 months ago
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 5,809
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

A life tenant is responsible to pay the property taxes and insurance and make repairs to the property on which he is a life tenant.

Please let me know if I can assist you further.

Thank you and best regards,

Barb

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Tax Professional: Barbara, Enrolled Agent replied 5 months ago

.

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Tax Professional: Barbara, Enrolled Agent replied 5 months ago

Just following up with you to see if you have any other questions. If so, please let me know so I can continue to assist you.

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Barbara
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 5,809
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Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.

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