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Hi, I am selling a house in Florida because my Mother was transferred to Assisted Living. Does anyone know if we are required to pay capital gains tax on the sale of the home? Can we just take the money and put it into her account to pay for her care?
Thank you!

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Here's a good link:

https://www.investopedia.com/ask/answers/06/capitalgainhomesale.asp

The answer is, it depends.

Most homeowners can exclude the firsr $250,000. of profit over the cost basis of the home, which is the original cost plus any capital improvements that have been made.
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You need to discuss this with your Mom's tax person, her CPA or accountant. This is a question a Forum shouldn't be counted on to answer. There is often no capital gains taxes for a primary home sale under certain amounts; but taxes must be done and paperwork is important to keep for tax time.
You can also use your search engine to give you an idea of what you will be dealing with in State and Federal taxes. Internet is full of advice, but still check with the person who ordinarily does your Mom's taxes for her before the sale to get suggestions.

https://www.investopedia.com/ask/answers/06/capitalgainhomesale.asp
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niseywee Dec 2021
Trust me, I'm going to talk to her CPA but he charges $$$$ and, I'm just looking for general advice because the house sale is going to go quick, and as you can imagine I'm dealing with about 1,000 other details from 4,000 miles away, so trying to stay ahead of the curve.

Thanks for your info! Her house should be exempt from capital gains, which is what I thought, but was looking for some anecdotal advice on how other people handled this transition.
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Thank you Barb! Looking at this we should be good.
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