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View Diary: A Most Terrible Profit: the story of my father's ongoing journey through modern healthcare (65 comments)

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  •  Could you rent his home out? (1+ / 0-)
    Recommended by:
    deha

    As a Realtor, I am generally recommending to my clients that they rent their home if they need to move instead of selling now -- as more and more people have lost their homes, rents have risen in most areas while property values have gone down.  It might give you enough cash flow to take care of him to rent it now and then sell it when the market recovers.  However, if you go this route, be sure it is in a trust so that you can not pay huge capital gains as you will miss out on the $250,000 capital gain exclusion if you sell it after he passes if you inherit through the will and not through a trust.  You also might end up having to go to probate, which you don't want to do.  Of course, I can't give legal advice, but you might want to check with your tax attorney to see if this might be a better option for you.

    Go Bernie Sanders! You are what a politician should be!

    by Former Chicagoan Now Angeleno on Wed Apr 11, 2012 at 05:15:26 PM PDT

    [ Parent ]

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