DEAR BOB: My "companion," age 67, and I (age 66) have been living together in his house for the last four years. Although we dearly love each other, if we get married we have been told our Social Security and other retirement benefits will be reduced. However, I am very concerned. His health is declining and it won't be too much longer before we should both move to an assisted-living center. If he dies first, his will provides that the house goes to his daughter. If I can convince him to sell the house, so we can afford to move, I am told there will only be $250,000 tax-free sale profits even though the net profit will be around $400,000. Should my "significant other" add my name to the home's title to increase the exemption to $500,000? --Helen R. DEAR HELEN: If you can convince your companion to add your name to the title on the house, to qualify for an additional $250,000 principal residence tax exemption allowed by Internal Revenue Code 121, you must own and occupy the home at leas...
by Inman | on Feb 14, 2017
by Ingrid Burke | 3 days
by Teke Wiggin | on Feb 15, 2017
by Gill South | 2 days
by Teke Wiggin | 2 days