Skip to main content
Message Font: Serif | Sans-Serif
No. of Recommendations: 0
You should meet with a CPA to discuss the tax side of the sale. You may want him to do her income tax return in the year of the sale. Since the sale has not been made
now is the time to plan and I think you will need a tax expert to help in a face to face meeting. >

I totally agree. It was hard to tell from the post, but how far along is the potential sale? Is there already a buyer? Are people looking at the property? Can she change her
mind without incurring any penalties?

Someone suggested your mom could sell her primary residence and move to the rental property for two years. This may be great tax wise, but is it practical for her? Is
the rental property a single unit or are there multiple rental units? How good are her records (hopefully very good)? She should bring at least a summary of them to the
CPA as well as recent year tax returns so the CPA can determine what her best options are. While the tax issue is significant, her comfort level with her living situation is
more important. I think you need to decide on all of these issues before deciding on the various investment alternatives.

BRG...Thanks for the information. I am foolishly overwhelmed by all the comments. One duplex and one small house on the property. Don't know if she's willing to move into the small house to save on the taxes. Don't know how good her records are. I live 2 1/2 hour drive from where she lives. Makes it hard for me to get all the facts together. Looks like I need to have a long talk with her. You know. Get the bigger picture from her. Thanks again...lionel
Print the post  


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.
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.