DEAR BOB: My 85-year-old mother is legally blind and hard of hearing. Recently my wife and I bought the townhouse that adjoins our home and invited her to live there so we will be readily available when she needs help. Since my mother will be selling her home of 40 years (its value is the bulk of her assets), we would appreciate your advice on the best way to protect her assets. Should the new house be put into her name instead of ours by selling it to her although we want to keep this property after she moves out? Or should the property be treated as a second residence or a rental property for tax purposes? --Terry P. DEAR TERRY: If your mother's capital gain on the sale of her principal residence is $250,000 or less, and if she owned and occupied it at least 24 of the last 60 months before its sale, her sale profit will be tax-free thanks to Internal Revenue Code 121. Purchase Bob Bruss reports online. Since you already own the adjoining house, why sell it to your mother and lose you...
by Inman | on Feb 14, 2017
by Ingrid Burke | 2 days
by Teke Wiggin | on Feb 15, 2017
by Gill South | 1 day
by Bernice Ross | 2 days