Message Font: Serif | Sans-Serif
UnThreaded | Threaded | Whole Thread (8) | Ignore Thread Prev | Next
Author: cmnichols1 One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 123538  
Subject: Home sale gain exclusion Date: 10/22/2001 5:42 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0


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?

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.
Foolanthropy 2015!
Fistula Foundation: A World of Good!
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.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
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.