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If she lived there then her gains are tax free up to $250,000.
But I know California has some wierd laws that may change that.It’s best to tell the family to consult with a CPA to get tax advice. You don’t want to be responsible for giving them the wrong information.
Besides taxes, she should also be concerned with how this will affect her medicaid benefits.
Congrats on the 0 interest and 0 down payments!!!
Jackie
Made an offer on a free clear house with zero down and zero interest to a 80+ year old lady. She lived there for the past 20 years. Her daughters are interested in this offer, but have concern about the tax consequence on the monthly payments we are going to give to her. How do I answer this concern? Thanks.
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