I am helping my 83 year old mother sell her house in Virginia after she moved to an 'Independent Living' community where she now owes a monthly rent. She signed a contract and the sale closes next week. The house is selling for 298k, she's extended about 200k on a HELOC she has to repay and there are realtor fees, etc to pay from the sale as well. In the end I expect she will get a check for $50k to $75k which will go to paying her monthly apartment rent until we exhaust those funds.
I'm clueless on how home sale proceeds are taxed as I've lived in my own home for 30 years and never sold a home. She won't be reinvesting the proceeds into a new home. We had a great realtor but she told us to consult a CPA and didn't want to speculate on my mother's tax implications.
Hoping someone here can give me the rundown on this.
I'm clueless on how home sale proceeds are taxed as I've lived in my own home for 30 years and never sold a home. She won't be reinvesting the proceeds into a new home. We had a great realtor but she told us to consult a CPA and didn't want to speculate on my mother's tax implications.
Hoping someone here can give me the rundown on this.
Statistics: Posted by WillyMcG — Fri May 03, 2024 3:34 pm — Replies 3 — Views 212