Posted on 01/06/2013 11:03:40 AM PST by dhs12345
Take the case to the Supreme Court for any other accounting being an illegal government taking.
The Alternative Minimum Tax was ostensibly only intended to cover "the rich," but inflation has fixed that.
A few years of Ubama's upcoming double- or triple-digit inflation, and you won't be able to sell a backyard tool shed without paying capital gains.
I thought at one time,maybe it is in the past now, you had a one time exemption on the sale of the primary residence.dont know if there was a monetary limit..good luck....
Capil Gains is now 20% plus 3.8% 0bamacare tax for those making over $250k per year.
Under $250k it is 15% and no 0bamacare taxes.
It is $250K for an individual, $500K for husband and wife. If your mom has passed there may be some way to carry over her exemption. Check with your tax people.
“Capil Gains is now 20% plus 3.8% 0bamacare tax for those making over $250k per year.
Under $250k it is 15% and no 0bamacare taxes.”
But if your Dad lived in the house for more than 5 years, I believe he is exempt for the first $500k of profit on the sale of his house.
Partly, it depends on the state.
Partly, it depends on the status at the nursing home.
Check with Nursing Home business staff. They can tell you more about such sales.
Mom has been gone for 6 years. So, it is just my dad.
Thanks.
been there done that and your getting into areas and time frames where an estate attny and or tax person can save you from $$$ mistakes.Find one or both and don’t depend on “opinions” from a web site.
Will do. Thanks.
Colorado is the state.
Don’t think of selling it for less than fair market value, or it will be considered a divestment for medical assistance, should that be needed.
It probably would be best to contact an attorney who specializes in elder law to explore all options and come up with the least detrimental one...
You can be assured that no matter what plan of action you take, they’ll get you on the other side of the issue. They have all of their bases covered.
Rent it out, with or without to-own option.
Don’t think of selling it for less than fair market value, or it will be considered a divestment for medical assistance, should that be needed.
It probably would be best to contact an attorney who specializes in elder law to explore all options and come up with the least detrimental one...
You can be assured that no matter what plan of action you take, they’ll get you on the other side of the issue. They have all of their bases covered.
DO NOT trust the business staff or administrators at the nursing homes, they are mostly paid by the state - I have had to deal with them, they don’t have your best interests in mind - especially if the state or Medicare or Medicaid are paying for any part of his care.
Call a tax attorney and accountant, it is money well spent.
My mom is no longer living so the exemption is $250K. Jointly it would be $500K.
Your dad gets a tax waiver due to the fact that he is selling his primary residence. I assume he lived there for 2 years or more before going into the nursing home. The waiver is on $250,000 of “profit” so that would be over and above what he paid for it. If he paid $100,000 then he could sell for $350,000. Or if he has a mortgage obviously that has to be deducted.
Sage advice.
That is true. Some of these staff can be completely off the wall.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.