Benefits of converting longtime home into rental

Roll eventual sale profit into investment to avoid taxes

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Inman Connect New York | January 29 - February 1, 2019

Seniors are particularly careful about guarding their assets. With little monthly income, older people still living in their longtime primary residences need to make the most of an eventual home sale.

Helen (last name withheld), from Gig Harbor, Wash., was concerned that she would be taxed on the entire sale of her home because she had already taken the "over 55" exclusion with her late husband on a previous home.