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Financial Planning / Tax Strategies
|Subject: Home sale gain exclusion||Date: 10/22/2001 5:42 PM|
|Author: cmnichols1||Number: 54753 of 124473|
4+/- years ago, 60+/- year old children move in with elderly parent 90+/- just after death of spouse of elderly parent, at elderly parents request to take care of elderly parent to keep them out of nursing home.
Fast forward 4 +/- years. Children are now preparing to retire, want to sell there home of 25+ years to offspring and move to FL. Taking elderly parent with them. Offspring has been living in the house rent free for 4 years and is prepared to purchase.
They had every expectation of moving back home, that's why it was never sold, just didn't realistically expect elderly parent to live this long.
Have the children blown their exclusion by moving in with elderly parent and staying as long as they did?
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