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Author: apacherose Two stars, 250 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121585  
Subject: Tax Questions for elderly parents Date: 11/27/2013 9:30 AM
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TMF responders warned me almost 2 years ago of this unfortunate possibility. My elderly parents had to sell their house, watch their personal household items go on the auction block to afford continued nursing home costs for Mom w/Alzheimers...& Dad is living with us. Dad willingly appointed me Power-of-Attorney after allowing my sister to deplete all their monies.

Now the tax related questions:

1) My father built his Maryland house in 1957 & lived there until 8-2013. With the sale of his house,I'm sure some of the sale proceeds will be taxed on both Federal & Maryland state tax level. Is there any way to determine approximately how much will be taxed(percentage of dollar amount);so I can place $$ in an interest-bearing account for him. He built the house over a 2-5year period,as cash allowed...never had a mortgage. So,I don't know the original cost of their home...as I haven't found any receipts/documents revealing this information.

2) Will Mom's nursing home expenses (average $8000/month) qualify as a tax-deduction on Schedule A? In the past,Dad has never had enough expenses to itemize successfully...but if Nursing Home expenses will qualify...this may help offset the taxing of proceeds from selling his home.

Many thanks in advance,
Apacherose
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