Comments on: Parents selling home & moving in with me, how can they avoid capital gains tax? http://www.getresidences.com/351/parents-selling-home-moving-in-with-me-how-can-they-avoid-capital-gains-tax/ Free Tax Investing Tips Fri, 12 Mar 2010 22:27:12 +0000 http://wordpress.org/?v=2.7.1 hourly 1 By: Patti R http://www.getresidences.com/351/parents-selling-home-moving-in-with-me-how-can-they-avoid-capital-gains-tax/comment-page-1/#comment-421 Patti R Sat, 21 Nov 2009 19:14:30 +0000 http://www.getresidences.com/351/parents-selling-home-moving-in-with-me-how-can-they-avoid-capital-gains-tax/#comment-421 They can exclude up to $500,000 in capital gains from the sale of their home if they meet the criteria - married and filed jointly the past few years, and it was their primary home. Have them put the money in the bank and make a will - PRONTO! Without a will, who will pay to bury them if they are destitute? If their name is on the house, you could be required to split their half with their heirs upon their death - lotsa complications - keep their name off the house. If there are living with you and paying no rent, get some legal advice - don't rely on the Internet. We all mean well, BUT we sure could steer you in the wrong direction. Good luck - and God bless you for doing what's right. Families don't often take care of their "old ones" like they should - you two are gems! They can exclude up to $500,000 in capital gains from the sale of their home if they meet the criteria - married and filed jointly the past few years, and it was their primary home. Have them put the money in the bank and make a will - PRONTO! Without a will, who will pay to bury them if they are destitute? If their name is on the house, you could be required to split their half with their heirs upon their death - lotsa complications - keep their name off the house.

If there are living with you and paying no rent, get some legal advice - don’t rely on the Internet. We all mean well, BUT we sure could steer you in the wrong direction.

Good luck - and God bless you for doing what’s right. Families don’t often take care of their "old ones" like they should - you two are gems!

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