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The Texas Real Estate Commission (TREC) is the state agency that governs real estate practices in the state of Texas. The agency is headquartered at 1700 North Congress in Austin. [1] TREC is composed of nine members appointed by the Governor with the concurrence of the Texas Senate. The members are appointed for six-year terms, with the terms ...
The Texas Department of Licensing and Regulation (TDLR) is a state agency of Texas. TDLR is responsible for licensing and regulating a broad range of occupations, businesses, facilities, and equipment in Texas. [1] TDLR has its headquarters in the Ernest O. Thompson State Office Building in Downtown Austin. [2] [3]
Upon your death, estate taxes may apply if the total value of your estate exceeds the federal exemption threshold, which is $13.61 million in 2024. Most people won’t come anywhere close to this ...
A real estate license is an authorization issued by a government body to give agents and brokers the legal authority to represent a home seller or buyer in a real estate transaction. Real estate agents and real estate brokers are required to be licensed when conducting real estate transactions in the United States and in a small number of other ...
In common law and statutory law, a life estate (or life tenancy) is the ownership of immovable property for the duration of a person's life. In legal terms, it is an estate in real property that ends at death, when the property rights may revert to the original owner or to another person. The owner of a life estate is called a "life tenant".
This is an accepted version of this page This is the latest accepted revision, reviewed on 19 January 2025. Legal declaration where a person distributes property at death "Last Will" redirects here. For the film, see Last Will (film). This article possibly contains original research. Please improve it by verifying the claims made and adding inline citations. Statements consisting only of ...
The term "death tax" more directly refers back to the original use of "death duties" to address the fact that death itself triggers the tax or the transfer of assets on which the tax is assessed. While the use of terms like "death duty" had been known earlier, specifically calling estate tax the "death tax" was a move that entered mainstream ...
A stepped-up basis can be higher than the before-death cost basis, which is the benefactor's purchase price for the asset, adjusted for improvements or losses. Because taxable capital-gain income is the selling price minus the basis, a high stepped-up basis can greatly reduce the beneficiary's taxable capital-gain income if the beneficiary ...