The Department of Revenue has just advised taxpayers, in Directive 10-7, that a taxpayer occupying his or her principal residence under the terms of a life estate (which requires the life tenant to pay real estate taxes) and is otherwise eligible may claim the Senior Circuit Breaker Tax Credit.
In the most common life estate situation, a remainder interest in the home is transferred to a third party, often a child, with the grantor(s) retaining a life interest either individually or jointly. The life tenant generally retains the exclusive right to use the property during his or her lifetime, but that right expires automatically upon the death of the last life tenant(s).
Generally, the life tenant is responsible for real estate taxes, insurance, and ordinary maintenance costs and upkeep of the property.
Thus, DOR wants to make it abundantly clear that senior taxpayers who are life tenants are most certainly eligible for the Senior Circuit Breaker Tax Credit.
Take a look under the hood: MassTaxConnect, DOR’s newest e-filing system posted on Sep 17
As you’ve probably heard, DOR has a new electronic filing system—MassTaxConnect—coming to business taxpayers November 30th, 2015. We’ve blogged about MassTaxConnect before, including about the top 10 benefits business taxpayers can expect from the system as well as “What’s New” with the system compared to …Continue Reading Take a look under the hood: MassTaxConnect, DOR’s newest e-filing system
Child Support Enforcement mentioned in national publication posted on Sep 4
Erica Gaynor, Workflow Implementation Manager with the Child Support Enforcement (CSE) Division was published in the August edition of the U.S. Dept. of Health and Human Services’ Administration for Children and Families’ newsletter “The Child Support Report”. Gaynor and CSE’s work with predictive analytics is garnering national …Continue Reading Child Support Enforcement mentioned in national publication
Courage at Work posted on Sep 1
“I was amazed that Mark and so many senior staffers took time out of their busy and hectic schedules to be supportive of me and the ALS cause,” she said. “It proves that no matter how challenging work is, there’s always time to show a little love.”