Maribelle – InfoComm

Principal Residence Definition.

October 25, 2022 by Maribelle

The Internal Revenue Service (IRS) offers a tax deduction for homeowners who use their homes as their primary residence. The deduction can be taken for mortgage interest paid on the first $1 million of debt, as well as for property taxes. In order to qualify for the deduction, the taxpayer must file a Form 1040 … Read more

Joint Tenants With Right of Survivorship (JTWROS) Definition.

October 25, 2022 by Maribelle

Joint tenants with right of survivorship (JTWROS) is a type of co-ownership in which each tenant has an undivided interest in the property and a right of survivorship, meaning that upon the death of one tenant, the property automatically passes to the surviving tenant(s). JTWROS is often used in the context of real estate ownership, … Read more