Marital Deduction
Tax deduction permitted upon the transfer of property from one spouse to another. The deduction is allowed under the federal gift tax for lifetime transfers or under the federal estate tax for transfers of a decedent.
Popular Real Estate Terms
The company is not responsible to a third party if an account or financial instrument is dishonored by the debtor. The creditor's recourse is solely to the debtor's property. An example is ...
An insurance policy indemnifying a property owner up to the limits of the policy against fire or other hazard requiring the total destruction and removal of the structure. ...
Real property that is without any obligations, liens, or anything else against it. It is free and clear such as a house without mortgage. ...
Architectural style featuring a long low roof line with a continuous row of windows and a plain exterior. It is very open design with long horizontal lines rather than having small secluded ...
Legal action under eminent domain where the government takes ownership of privately held real estate for public use (parks or schools for example) irrespective of the owners wishes. The ...
Tax concept whereby income not actually received is considered to be constructively received by a taxpayer and thus must be reported. ...
Projecting what the total cost would be to construct a structure. Costs include material, labor, and lawyers' fees. ...
Municipal ordinance stating the distance from a curb or property line where the building of a structure is prohibited. Also states the distances from a boundary line where construction is ...
See clapboard. ...
Comments for Marital Deduction
If an owner gets married after they bought a home, now divorcing does the other have rights to property?
Feb 05, 2020 09:53:02Hey, Carolyn! Well, it depends. It is common for couples to decide between them how they are going to the divided property. But, if they cant come to an agreement, the property dispute is taken to court. Here is where things are decided a bit differently in some states compared to others. There is the so-called, community property and equitable distribution. The community property scheme is used by courts in Alaska, Arizona, California, Idaho, Nevada, Louisiana, Texas, Mexico, Washington, Wisconsin, and Puerto Rico to settle property disputes. In these states, the property can be classified as community property or property equally owned by both spouses or it can be classified as separate property of one spouse. If the couple goes through a divorce, community property is divided equally between the spouses and each spouse gets to keep their separate property. On the other hand, courts in all the other states use a scheme called equitable distribution. This means that assets, earnings, and property accumulated during a marriage is fairly distributed between the spouses at divorce, but not necessarily equally. In some cases, judges might ask one of the spouses to use separate property to make a fair settlement. The division is not necessarily physical, but rather it refers to the value of the property, therefore one spouse might receive a percentage of the total value of the property. We have an article about divorce and real estate that talk about these things more in-depth, so you might want to check it out.
Apr 10, 2020 09:23:19Have a question or comment?
We're here to help.