You may be eligible for a capital gains exclusion on the home sale.
Q. My mom, 97, recently sold her home. She’s been in the house 65 years and dad died in 2008. How will she be taxed? Also, this is her only money, and although she lives with me now, she may need more care down the road.
Henning said if there is a taxable gain on the sale, your mom would be taxed her long-term capital gain rate for federal taxes as well as at her ordinary income rate for her New Jersey taxes. In terms of where it’s best to keep her profits, you’ll probably want a safe investment and not risk the money in the stock market. Also keep in mind that she will need to spend down her assets before she would qualify for Medicaid, so consider working with an elder law attorney who can assess her entire situation.
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