My mother-in-law has some property that was her home several decades ago.
She has moved but kept the property. It's value is around $65,000. She has no other assets. Her monthly social security and VA Pension is around $2000. She is needing to sell the property for her care. She is 91.
Are their tax implications with her selling the property?
Thanks!
I'm an AARP tax aide volunteer so am familiar with tax implications of home sale
My dad sold a piece of property when he was 74 and there was no tax implications because we financed (carried) the sale, he got 20% down and payments over the next few years, so you do have options that a good accountant can help you with. This worked great for my dad because it gave him extra monthly income to help with care and quality of life, instead of lots of cash to blow.
If you do this right, mom should be able to qualify for assistance from Medicaid, if needed.