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Submitted 291 days ago...

Marvin

Marvin

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Sale of Home Capital Gains

Mother and son are co-owners of home and only mother lives in the house for over twenty (20) years. Son has durable power of attorny to take care of mother in case she is not able to make decisions for herself. Mother becomes very ill with alzhiemers and is placed in a nursing home. Son takes care of home for about two (2) years making repairs in order to sell property. Son sells property, and a little over half of the proceeds went to nursing home to pay delinqent charges for her care. Mother is on social security with all income going to the nursing home. Will son need to pay capital gains tax on the proceeds (a little less than half the total price) he received?

 
 
 
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