Marital Home Flashcards
1
Q
Capital Gain
A
A profit from the sale of a property or investment.
2
Q
Cost Basis
A
The original value of an asset for tax purposes.
3
Q
Emancipation
A
The point at which a minor child comes of age. Children are emancipated in most states upon reaching the age of 18, 19, or 21, or upon marriage, full-time employment, graduation from high school, or entering the armed services. Emancipation is the point where parents have no further legal or financial
obligations for a child’s support.
4
Q
Underwater
A
A loan having a balance that exceeds the current market value of the loan:
5
Q
Quitclaim Deed
A
A deed that conveys to the grantee only such interests in property as the grantor may have, the grantee assuming responsibility for any claims brought against
the property
