MIG-1.0: Explain the causes of migration to colonial North America and, later, the United States, and analyze immigrations effects on U.S. society. WXT-1.0: Explain how different labor systems developed in North America and the United States, and explain their effects on workers lives and U.S. society.
A person who has a life estate must maintain the property. This duty includes common upkeep so the property does not deteriorate. It also includes paying bills associated with the property, such as real estate taxes and insurance. A life estate owner has full rights to use the property during his lifetime. He may also lease or sell his interest in the life state, although he cannot sell the property itself. Life estates interests always end when the original life estate owner dies. Therefore, they can be difficult to sell or lease long term.
Home sellers of all ages get capital gains exemptions. Historically, the federal government has promoted home ownership through various tax deductions. A past deduction for homeowners age 55 and over even allowed them to exempt up to $125,000 of gains from the sale of their homes. But the Taxpayer Relief Act of 1997 replaced the age exemption with a an exemption for all home sellers. The change let home sellers exclude up to $500,000 of gains.