hansonbill2002
Junior Member
lwhat is the name of your state? New jersey
Hi my question is I live in my mother's house which was put in a life estate as me as the grante upon her death...I live with my mother in a mother daughter house with my wife...I pay for the taxes on the house and mortgage and utilities so my mom can live here till she either has to go to a nursuring home or passes away...unfotunitly within the 2 years of this marraige of 3 its not working out..What would be your advice on how to sell the home which im heavily invested in with the least amount of pain regarding taxes...thank you for your reply...My cost basis is tricky i think since my mom had a 386,000 mortgage on the house which i bought out with another mortgage under my name pluse 65k extra to fix up the house and around 40k of my own money...Yes the house is under my name within a life estate with my mother...she is willing to sell but i heard if u sell before the life tenent dies taxes are crazy..any idea how much or % thatwould be? So is my cost basis the 386,00 plus the extra monies to fix up( i do have all the recepts) or is a doller which i think it states under the deed or life estate? were in discussions where she would go when house is sold she is 71..one of the main reasons we put it into a life estate was to protect the house if shd did have to go into a home so they wouldnt take it, plus to help me out a family discount for the home we lived in for 30 years... but its not just working im more like her nurse and is putting a huge strain on my relationship were also 4 months pregnant...my mother doesnt want to go to a nursing home ...assisting living she would but we dont have enough money we have around 50k and thats not enough....i would appreciate any more advice i do see my lawyer on the 12th thank you
Hi my question is I live in my mother's house which was put in a life estate as me as the grante upon her death...I live with my mother in a mother daughter house with my wife...I pay for the taxes on the house and mortgage and utilities so my mom can live here till she either has to go to a nursuring home or passes away...unfotunitly within the 2 years of this marraige of 3 its not working out..What would be your advice on how to sell the home which im heavily invested in with the least amount of pain regarding taxes...thank you for your reply...My cost basis is tricky i think since my mom had a 386,000 mortgage on the house which i bought out with another mortgage under my name pluse 65k extra to fix up the house and around 40k of my own money...Yes the house is under my name within a life estate with my mother...she is willing to sell but i heard if u sell before the life tenent dies taxes are crazy..any idea how much or % thatwould be? So is my cost basis the 386,00 plus the extra monies to fix up( i do have all the recepts) or is a doller which i think it states under the deed or life estate? were in discussions where she would go when house is sold she is 71..one of the main reasons we put it into a life estate was to protect the house if shd did have to go into a home so they wouldnt take it, plus to help me out a family discount for the home we lived in for 30 years... but its not just working im more like her nurse and is putting a huge strain on my relationship were also 4 months pregnant...my mother doesnt want to go to a nursing home ...assisting living she would but we dont have enough money we have around 50k and thats not enough....i would appreciate any more advice i do see my lawyer on the 12th thank you
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