tax question
My wife is on the deed to her Moms home that was recently sold. We live in Fl and the home was occupied in NY by her Brother (Mom is in a nursing home). Will she have to pay tax on the sale and if so would it be considered “income tax”?
Thank You
Terry Says
There is no tax on the sale of the home — unless the capital gains (purchase price plus improvements vs sales price) exceeds $250,000 for a single person. Was your wife on the title in joint name? Did she have the authority to sell the home?
The REAL question is what you are going to DO with the money. Since her mother is alive, that money should be spent on her care.
And the state can come back to collect that money if she is in a publicly funded nursing home.
Also, someone should have a healthcare power of attorney for her, and she should have a will saying what she wants done with her assets if she outlives them.
Don’t let this go, or there will be big problems later!
