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[quote=Anonymous][quote=Anonymous]I’m going to stop reading this thread now. Thank you for all the helpful responses.

I don’t need to read the unhelpful responses criticizing me for my decisions when I am doing the best I can, [b]with little help[/b], guidance or emotional support from very far away while also raising my own young family.  [/quote]

[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]That’s unfortunate. I would be upset too. Now you know.

Before selling, talk to an estate attorney and an accountant. You might be better off renting it out to supplement her income. Heirs will only pay capital gains on the stepped up basis. [/quote]

What does stepped up basis mean? Thank you. [/quote]

It means if you sell now she can only exclude $250k gain from tax. So if her purchase price was $250, you sold for a million, then her gain is 750. She can exclude 250 from tax, and 500 is taxable.

If you inherit the house your basis is stepped up to fair market value. So using the numbers above and fair market value is $1 million at the time of your moms death and you sell for a million, none of that it taxable. [/quote]

So, if I’m hearing this correctly, it would make the most financial sense to rent it  until she passes then sell it afterwards? Thank you for your kindness with this response. [/quote]

Not necessarily. She will pay more in cap gains that you would once she died. But she might be better off paying the cap gains and investing the money conservatively and having that money to live off of.

But I'm confused. Where is she in assisted living? Is she near you in assisted living? Or did you put her in assisted living near her house? If near her house, are you saying you did not visit her for nearly a year? That's insane. You should be visiting her more.

And frankly even if she is not near the house, you should have checked on it before now. You are the responsible adult in this situation. You can't ask people in their sixties with cancer to do this. You should have gone out there and cleaned it out and either rented it or sold it. You can't leave a house empty for months on end. That's not good for the house.

I don't think you should keep it and rent it out. You don't sound with it enough for that. If you are certain she will not be moving back, or you won't be moving back, you should sell it. Put the profit in two high yield online savings account like Marcus Goldman Sachs for now.[/quote]

She is in an assisted living [b]near more helpful extended family[/b], a 4 hour drive from the house. One of the family members [b]works at the assisted living center and checks on her daily. [/b] I have been to visit her 7 times in the past year, all were plane ride weekend trips. I have young children and two full time working parent jobs and this has been incredibly hard to manage. That’s why I haven’t been back to the house. [/quote][/quote]

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