My 78 y/o mother is selling her condo in Florida for @ $125,000. She does not file taxes now as she has no external income or savings. She will be moving into an independent living community.
Will she have to file taxes this year? What forms, etc. will be needed? All this money will be going towards her care.
What else will she need to do?
Thank you for your help!
1 Answer from Attorneys
iI your mother has been living in the condo as her principal residents for the last three out of five years she can exclude the capital gain on a condo and possibly pay no tax. However, in order to give you a more accurate assessment of her situation I would have to review her documents and speak with you regarding the taxes if any on the property. What's more important is that some eldercare planning be done now so that she can qualify for the maximum federal benefits available to her. If you would like my assistance please e-mail me your phone number to discuss this in greater detail.( my law firm is set up where some of the legal work can be done online and some if the client wants it can be done by mail or in person)
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