Reply to Real estate & tax implications

Forum Index » Real Estate

Reply to "Real estate & tax implications - elderly parent "

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous]Question for the DCUM brain trust: elderly mother in law owns a 1960s-ish split level house in a Bethesda neighborhood off River Road. Corner lot, zoned for Whitman (I think). Renovated kitchen about 10 years ago and refinished hardwood floors maybe 4 years ago. She will no longer be able to live independently so now we’re trying to decide what to do with the house. She is in her late 80s but in relatively good health so not expected to depart this world in the extreme near term. With all this said: anyone have advice on what we do with the house for now? She does not NEED to sell right now, so it’s a question of rent versus sell.

We’ve had one person tell us to rent it out, and then sell after she dies (whether that’s in one year or ten years) as it would be more advantageous from a tax perspective.

It’s also been suggested she give the house to her son as a gift, and son can then dispose of it as he sees fit. And, there is of course what feels like the most obvious option: sell the house now and let mother in law dispose of the cash however she’d like (it would go to her son in any event).

Anyone have opinions? No local family to manage a rental, and no idea how much it would rent for, but presumably we could find a management company.  House is 3BR, definitely livable and in decent shape but bathrooms are dated, nice yard.

Advice appreciated. This is one of many, many issues we are now trying to manage for mother in law after recent turn of events with her health. Before this, she was planning to stay put until she turned 100 and then consider assisted living. :)[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics