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My father is not doing well, are we better selling his house…

My father is not...

My father is not doing well, are we better selling his house before he passes or after he passes away? Or quick claim deed to my sister and I as we have full POA as my father can not sign any legal documents for judgement and health reasons. Thank you

Lawyer's Assistant: Can you tell me what state this is in? And just to clarify, what paperwork has been filed?

Washington

Lawyer's Assistant: What documents or supporting evidence do you have?

We have a signed and notarized POA

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

Not at this time, thanks

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Answered in 5 minutes by:
3/9/2018
Richard
Richard, Attorney
Category: Estate Law
Satisfied Customers: 57,240
Experience: 29 years of experience practicing law, including tax and estate planning.
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Hi! My name is Richard & I will be helping you today! It will take me a few minutes to type a response to your question. Thanks for your patience!

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Good evening. Can you provide me a bit more information? What is the value of the house? How much did he pay for the house? Thanks.

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Customer reply replied 5 months ago
$1.400,000$450,00 owed on reverse mortgage$600,000 purchase price
Customer reply replied 5 months ago
$450,000.should be reverse mortgage owed
Customer reply replied 5 months ago
unable to use phone at this time

Thanks for following up. And, no worries about the phone...JustAnswer generates those calls without input from experts. We have no control and you certainly don't need the call.

Wait until death. If you sell before death, there is a $800,000 gain (of which he could exclude up to $250,000 from the sale of a primary residence under Section 121 of the Internal Revenue Code). BUT, if you wait until death, the basis gets adjusted to the fair market value of the property so there would be no gain on the sale and thus no tax. :)

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Customer reply replied 5 months ago
thank you

You're very welcome! It's been my honor and privilege to help you with this. If I can help you in any way in the future, I'll be happy to help. For easy access, my bookmark is: www.justanswer.com/law/expert-legalbeacon/ . Or, simply request “Richard only” in the first line of your question.

Richard
Richard, Attorney
Category: Estate Law
Satisfied Customers: 57,240
Experience: 29 years of experience practicing law, including tax and estate planning.
Verified
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Richard
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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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