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Selling Mother's Nome. |
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My mother now resides in a convalescent home. her house is very nice. we are wondering how long of a period we have to sell the house without having to pay huge capital gains taxes. We need all the money available to support her |
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Your mother can sell her home and take up to $250,000 profit free of capital gains tax if she's made it her main residence for at least two of the five years before the sale. That would give you three years after she moved out before she lost that homesellers tax break.
Don't forget that her cost basis for the house is much more than just the original purchase price, and it may have changed and become higher when your father died, if she became sole owner at that point. Better consult an attorney or accountant for advice. |
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Edith
Originally published on April 13, 2008 |
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