Agent

Live-in couple benefits from both names on real estate title

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

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...