Message Font: Serif | Sans-Serif
UnThreaded | Threaded | Whole Thread (8) | Ignore Thread Prev | Next
Author: JAFO31 Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 123151  
Subject: Re: Home sale gain exclusion Date: 10/22/2001 6:42 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 1


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?>>>>

"The rules are in IRS Publication 523. You have to own it and have lived in it for 2 of the last 5 years. The lived in is in bold on page 12 of the publication. Unless someone knows some other exception, I think they're out of luck."

Is moving back to home for 1+ years to satisfy the requirement of 2 of the last 5 years out of the question?

Put a pencil to paper and figure out cost to you of 20% of gain versus delaying move to sunny Florida for roughly 2 years (or slightly less).

Regards, JAFO

Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (8) | Ignore Thread Prev | Next


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
Post of the Day:
Saul's Investing Discussions

Skyworks Mid-Quarter Review
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.