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Unfortunately, based on your explanation your father would not qualify for a capital gains exclusion for a primary residence
There are exceptions that allow a reduced exclusion due to the sale of a home for health reasons - but the computation of the exclusion allows you to exclude the portion of the time that you lived in the house. For example, if you lived in the house 1 out of 5 years you would get 1/2 of the exclusion.
But, as your father has lived there 0/5 years there would be no exclusion
I'm truly sorry that this is not favorable in your situation. When rating, please rate based on my professional answer and not how the answer made you feel. I am penalized personally for negative ratings, so I would be punished for my honesty
I hope your father is doing well, and I hope you have a great rest of the day this lovely day
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Hi, Dale here. Is this information from Web Site www.Nolo.com under (Nursing Home Stays) correct, or am I reading it wrong. Quote: time spent in the nursing home still counts toward ownership time and use of the residence. For example, if you lived in a house for a year, and then spent the next 5 in a nursing home before selling the home, the full exclusion would be available. After reading this I thought I should get a qualified answer to Dads situation.
Thanks for your follow up. Unfortunately, in this situation your father moved into your house and then into the nursing home. In my opinion, your father did not move from his house directly into a nursing home. It's a grey area, but since he first moved out in 2008 I do not believe it would apply
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Yes but cant rate your service at the bottom! It keeps saying your Expert has not finished answering.
Yes you can now I'm sorry I wanted to make sure you were satisfied before I allowed you to rate