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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: 11 months ago.Category: Real Estate Law
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Answered in 2 minutes by:
10/4/2017
Real Estate Lawyer: Barrister, Lawyer replied 11 months ago
Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 43,629
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 11 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 11 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 11 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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