Reds622 wrote:BuenAbogado wrote:Reds622 wrote:Would really appreciate it if anyone has an answer to this question:
I know a Life Tenant has an obligation to pay the property taxes while in possession... But the limitation on this duty is that the life tenant has no obligation to expend more than the income that can be generated from the land.
Does that mean if income that can be generated from the land is 500, and property taxes are 700, is the Life Tenant still obligated? Are they obligated only for the 500, or not at all?
Tenants in common must share all rents made from the property.
Property taxes must be shared, unless one is living on the property and the other isn't. In that case must pay taxes up to value of rent.
Right.. and an individual with a Life Estate has an obligation to pay property tax.. Right? But it's limited if the obligation is more than the income that can be generated from land. So, was just curious as to how the rule actually operated functionally.
Who had a life estate? One had a TIC and another had a JT.