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My mother wants to sell the family home in NYC and move to Miami with me & my husband. She has a 2-family house with a store attached in which she has a tenant with a 5-year lease. She is concerned about the amount of money she will walk away with, since she will not be getting the rents from one apartment and the store. Her only other income is SS. She does not want to keep the house as a rental property(headaches!). I have been told that she will not qualify for the whole $250K capital gains exclusion (dad died 5 years ago) because it is a multiple dwelling. Is that true? And would it be better for her to buy a house in FL or rent an apartment and put her $$ in the bank? (She's 76). Help!
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