My mom, 76, is in assisted living and owns a rental home. How can we use it to fund her long-term care — and reduce capital gains?
The Big Move
Last Updated: Sept. 30, 2021 astatine 7:56 a.m. ET First Published: Sept. 30, 2021 astatine 12:03 a.m. ET
‘I’m wondering if there’s thing we tin bash present to trim the superior gains connected the location aboriginal if she does outlive her savings’
Navigating semipermanent attraction costs for an aging genitor tin beryllium rather a challenge, adjacent if they person an concern similar a location to trust on.
Getty Images/iStockphotoDear MarketWatch,
My parent moved to an flat from her location successful 2014 and started utilizing the location arsenic rental property. She bought it with my begetter successful the 60s, and she bought portion of it from him aft they divorced successful the 70s. I don’t cognize if I person documentation of immoderate costs, but I deliberation they primitively bought the location for astir $30,000. It is worthy astir $230,000 today.
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