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My mother just moved into an assisted living facility. I…

Customer Question
My mother just moved...

My mother just moved into an assisted living facility. I understand that there are rules about how long we can rent her home before it becomes a problem when when she goes to sell it.

Lawyer's Assistant: Because real estate law varies from place to place, can you tell me what state this is in?

Colorado

Lawyer's Assistant: Has any paperwork been filed?

Nothing has been filed. And I'm not sure what you mean about being filed.

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

No that's all I need to know, I've been told that you can only rent for three years and then it becomes known as a rental property and she loses the possibility of some tax exemptions.

Submitted: 8 months ago.Category: Real Estate Law
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Answered in 2 minutes by:
10/4/2017
Real Estate Lawyer: Barrister, Lawyer replied 8 months ago
Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 42,156
Experience: 17 years real estate, Realtor. Landlord 26 years
Verified

Hello and welcome! My name is ***** ***** I am a licensed attorney and will try my best to help with your situation. There may be a slight delay in my responses as I type out an answer or reply.

.

If you are referring to her ability to claim the capital gains homestead exemption so as to exempt up to $250,000 profit from the sale, then you are correct, you can rent it for up to 3 years to retain this exemption. A person has to have lived in the home as their personal residence for at least 2 out of the last 5 years in order to keep the exemption.

.

So it would have to be sold before it hit that 3 year rental mark..

.

.

thanks

Barrister

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Customer reply replied 8 months ago
For tax purposes, would it be better to sell her home while she is still alive, or wait until after she passes away.
Real Estate Lawyer: Barrister, Lawyer replied 8 months ago

Literally, it doesn't matter as long as there wouldn't be over a $250K gain if sold while living within 3 years of her moving out.. If it was sold after she passed, it gets a stepped up basis to fair market value and the entire gain is tax free..

.

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Real Estate Lawyer: Barrister, Lawyer replied 8 months ago

Hello again,

.

I just wanted to touch base with you and check in.

.

Did you have any further questions I can help with?

.

.

Thanks much

Barrister

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